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Prominent crypto analyst Bluntz, closely followed in the crypto community, claims that Solana (SOL), which is considered as the top rival to Ethereum, is on the verge of another breakout rally that will outperform ETH and Bitcoin (BTC). The analyst also stated that the outlook for Bitcoin is positive and a strong breakout is imminent.
First Stop for Solana at $47
Experienced crypto analyst Bluntz emphasized on his personal Twitter account that SOL is one of his top altcoin picks, stating that the altcoin seems ready to rise not only against the US dollar but also against BTC (SOL/BTC) and ETH (SOL/ETH). He said:
SOL is still one of my favorite altcoin picks. It looks very promising in terms of its structure against the US dollar and seems to be continuing its move in an extended third wave. Furthermore, it appears to be very close to a consolidation breakout on higher time frames against BTC and ETH.
Bluntz uses the Elliott Wave Theory in his technical analysis for Solana. The Elliott Wave Theory aims to predict price impulses based on crowd psychology, which tends to manifest in waves. The analyst predicts that the popular altcoin is in the middle of an upward five-wave impulse and expects it to reach its peak near the $47 range before making its next move. The analyst’s focus on Solana demonstrates his confidence that SOL will outperform BTC and ETH in the short term.
According to Bluntz, Bitcoin’s Direction is Upwards
Looking at Bitcoin right after Solana, Bluntz stated that the price movement of the largest cryptocurrency shows strong evidence that more upward movement is approaching and that a potential drop towards $32,000, as claimed, is not likely. The analyst pointed out that BTC is consolidating within a rising triangle formation and emphasized that the consolidation will end with a breakout of the formation, triggering a significant upward movement. He said:
A strong breakout above $32,000 for BTC is a very strong bullish signal in my opinion. I don’t think we will retest the $32,000 level, many people missed this move, they want it to be retested, and I don’t think the market will give it to them. Most likely, the triangle formation will result in a breakout and Bitcoin will continue to higher levels.
