Crypto Analyst Flips Bearish on Solana After Bull Run
A popular crypto strategist who has been bullish on Solana (SOL) is now turning bearish on the Ethereum (ETH) competitor. In a recent video, analyst Bluntz, known for his Elliott Wave theory analysis, suggests that SOL has completed a five-wave rally and may be due for a significant correction.
Bluntz’s Elliott Wave Analysis
- Bluntz practices Elliott Wave theory to predict future price movements based on crowd psychology reflected in market waves.
- According to this theory, an asset completing a five-wave upswing usually enters a corrective phase.
- SOL has shown bearish patterns since reaching a peak of $210 in March.
According to Bluntz, SOL’s recent price action indicates a potential macro lower high and a forthcoming downtrend with a target of $80, despite SOL currently trading at $165.
Chart Analysis and Price Prediction
- Bluntz’s chart analysis suggests a possible drop to $80 for SOL.
- The current price of SOL is $165.
Given the analyst’s bearish outlook on SOL, investors may need to consider the potential downside risk and adjust their strategies accordingly.
Hot Take: Reassessing the Future of Solana
As Solana faces a possible correction according to the latest analysis, investors should closely monitor price movements and brace for increased volatility in the near term.
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