Avalanche (AVAX) Shows Bullish Potential, According to Analyst
A popular crypto analyst, known as Bluntz, is optimistic about the future of Avalanche (AVAX), a layer-1 altcoin. Bluntz points out that the current price action of AVAX is similar to Bitcoin’s price movement in October and November. Based on his analysis using Elliott Wave Theory, Bluntz suggests that AVAX could reach a price of $50, representing a 17% increase from its current level.
According to the Elliott Wave Theory, which predicts price movements based on repetitive patterns, Avalanche has completed two waves of a bullish five-wave pattern. This indicates a potential upward trajectory for the 10th-largest cryptocurrency.
Solana (SOL) Poised for Breakout Against Bitcoin
In addition to his analysis of Avalanche, Bluntz also shares insights on Solana (SOL) paired against Bitcoin (SOL/BTC). He notes that SOL/BTC has been trading within a range for 37 days and is on the verge of a breakout. If the breakout occurs, Bluntz predicts that the SOL/BTC pair could experience its most significant rise to date.
Current Prices
At the time of writing, Avalanche is trading at $42.77, marking a significant increase from its price of $9.06 in October โ a staggering 372% surge. Solana, on the other hand, is currently trading at 0.00181019 BTC.
Hot Take: Promising Outlook for AVAX and SOL
The crypto analyst’s bullish sentiment towards Avalanche and Solana suggests that these altcoins have the potential for further upside. With Avalanche displaying patterns similar to Bitcoin’s past price movements and Solana on the brink of a breakout against Bitcoin, both cryptocurrencies may attract more attention from investors looking for profitable opportunities in the market.
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