Analyst Suggests Being Interested in Solana at $70s
A well-known strategist recently shared on Twitter that he would regain interest in Solana when it reaches the low $70s.
Analysis of Recent Price Movements
Analyst Bluntz Capital pointed to an Elliott Wave Theory pattern in the recent price behavior of Solana.
Elliott Wave Theory states that market trends unfold in repetitive cycles driven by investor psychology, typically consisting of a five-wave progression in the direction of the prevailing trend, followed by a three-wave corrective phase. Developed by Ralph Nelson Elliott, this theory is based on recurring wave patterns and the psychology of the masses.
The “B Wave Triangle” Pattern
The “B wave triangle” refers to a unique pattern emerging within the B wave, consisting of five sub-waves. These triangles are continuation patterns that indicate a pause in the market’s larger trend.
Implications of Solana’s Sideways Trading
The term “B wave triangle” suggests that Solana’s recent price consolidation is part of a broader corrective phase in the market cycle. The formation of this triangle pattern within the B wave implies a temporary halt in price movement.
Predictions by Bluntz Capital
In June 2018, Bluntz predicted the bear market for Bitcoin and accurately called the cryptocurrency market bottom when Bitcoin was trading at $3,200 in December of that year.
Hot Take
Keep an eye on Solana as it approaches the low $70s if you are interested in this cryptocurrency.
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