Top Cryptocurrency Strategist Predicts Continued Soaring for Solana
A well-known cryptocurrency strategist, who accurately predicted the bear market bottom for bitcoin in 2018, has suggested that Solana (SOL) could continue to soar even after its 510% year-to-date increase. The analyst, known as Bluntz, shared this prediction with their more than 220,000 followers on Twitter.
The Elliott Wave Theory
The analyst based their prediction on technical analysis and the Elliott Wave theory, which was formulated by Ralph Nelson Elliott in the 1920s. This theory revolves around the observation and identification of recurring wave patterns based on psychology and typically involves five waves moving with the primary market trend.
Elliott’s theory gained prominence when he accurately forecasted the stock market’s bottom in 1935 following a 13-month correction.
Technical Indicators
Bluntz also pointed out that the relative strength index (RSI) is showing a bullish divergence for SOL. According to the trader, the last time this occurred, the price moved up from around $38 to surpass the $60 mark.
CoinShares’ latest Digital Asset Fund Flows report revealed that Solana-focused investment products saw over $12.4 million of inflows over the past week, bringing their year-to-date inflows to $121 million.
Accurate Predictions
It’s worth noting that Bluntz is famous for accurately predicting bitcoin’s bear market end in 2018 when it was trading at $3,200. The prediction was nearly accurate as BTC hit the target in December of that year.
Hot Take
The top cryptocurrency strategist’s prediction of continued soaring for Solana seems to be grounded in solid technical analysis and a deep understanding of market trends. With a history of accurate predictions, it’s no surprise that investors are paying attention to Bluntz’s insights into SOL’s potential future price movements.
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