A Top Trader Predicts Further Upside for Ethereum Rival Solana
A popular crypto strategist believes that Solana (SOL), an Ethereum competitor, is gearing up for a significant upward move. The trader, known as Bluntz, uses the Elliott Wave theory in his analysis, which tracks crowd psychology and price action in waves. According to the theory, an ABC correction wave often precedes a bullish asset’s next leg up.
Bluntz remains bullish on Solana despite its recent drop from a high of nearly $124 to around $113 and temporarily dipping below $100. He predicts that SOL will eventually reach new local highs due to its strong uptrend. At the time of writing, Solana is trading at $104.42, a substantial increase from its starting price of under $10 this year.
Predictions for ETH Layer-2 Scaling Solution Arbitrum
Bluntz also suggests that Arbitrum (ARB), an Ethereum layer-2 scaling solution, is about to take off after an ABC corrective wave. The trader sees potential in ARB and many other charts at the moment. However, Arbitrum’s current price sits at $1.44, down 10.5% in the last 24 hours.
Hot Take: Solana and Arbitrum Show Promise for Crypto Investors
Solana and Arbitrum are two cryptocurrencies that have caught the attention of traders and investors alike. With Solana’s impressive year-to-date performance and Bluntz’s optimistic outlook for further upside, it may be worth keeping an eye on this Ethereum rival. Similarly, with Bluntz’s positive sentiment towards Arbitrum and its potential for growth after a corrective wave, it could present exciting opportunities for crypto enthusiasts. As always, it is essential to conduct thorough research and exercise caution when making investment decisions.
Daisy Hodley emerges as a luminary blending the roles of crypto analyst, devoted researcher, and editorial virtuoso into a harmonious symphony. In the realm of digital currencies, Daisy’s insights resonate with an exquisite resonance across a diverse spectrum of minds. Her adeptness in decoding intricate threads of crypto complexities seamlessly intertwines with her editorial finesse, translating intricacy into a captivating melody of understanding. A guiding star for both intrepid explorers and curious novices venturing into the crypto realm, Daisy’s insights form a compass for discerning decision-making amidst the ever-shifting currents of cryptocurrencies. With the touch of a literary artist, they craft a narrative that enriches the evolving mosaic of the crypto landscape.
