A Crypto Analyst Flips Bearish on Solana, Forecasts Price Drop
A crypto analyst known as Bluntz has recently expressed bearish sentiments towards Solana (SOL). According to Bluntz, the digital asset is displaying several bearish signals on its daily chart after reaching a seven-day high of approximately $106. Bluntz predicts that SOL could potentially lose over 10% of its value from its current levels before finding support and resuming its upward trend.
Bluntz employs the Elliott Wave theory, which analyzes crowd psychology in order to predict future price movements. He suggests that SOL has completed a five-wave rally and is now undergoing a three-wave pullback. Additionally, Bluntz highlights that the previous day’s candle appears to have formed a swing failure pattern, indicating resistance from sellers.
As of now, SOL is trading at around $100, marking a decline of more than 6% from yesterday’s high. Bluntz also offers insights on Sei (SEI), another competitor of Solana, predicting an upcoming surge for the digital asset after it completed an ABC correction on its four-hour chart.
Lastly, Bluntz shares his positive outlook for WIF (dogwifhat), stating that he believes the consolidation phase for the meme coin is over and expects significant upward movement in the near future. Currently trading at $0.282, WIF presents a potential upside of nearly 400% if it reaches Bluntz’s target of $1.40.
Hot Take: Crypto Analyst Warns Solana Investors as Competitors Show Promise
A prominent crypto analyst known as Bluntz has issued a warning to investors in Solana (SOL), indicating that the digital asset is displaying bearish signals. While Solana recently reached a seven-day high, Bluntz predicts that it may experience a price drop of over 10% before resuming its upward trend. Bluntz utilizes the Elliott Wave theory to analyze price movements and suggests that SOL has completed a five-wave rally followed by a three-wave pullback. Additionally, Bluntz advises investors to keep an eye on Sei (SEI), as it appears poised for a significant surge after completing an ABC correction. Meanwhile, Bluntz remains optimistic about the future of WIF (dogwifhat), expecting substantial gains in the meme coin after consolidation.
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