dailyhodl.com
A trader who accurately called Bitcoin’s (BTC) 2018 bear market price floor thinks that a steep rally is in sight for one Solana (SOL) challenger.
Pseudonymous analyst Bluntz tells his 231,700 followers on the social media platform X that the smart contract platform Sui (SUI) looks ripe for rallies after breaking out of its accumulation range.
The trader shares a chart that shows SUI rising over 122% from current prices.
“Month-long accumulation break on SUI/USD pair.
Despite this, the BTC pair is still accumulating. This starts going parabolic soon in my opinion.
Still very much early on this but not for much longer.”
Bluntz practices the Elliott Wave theory, an advanced technical analysis method that attempts to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a bullish asset tends to witness a five-wave rally.
Looking at the trader’s chart, he seems to predict that SUI will climb to as high as $1.40 before ending its five-wave surge. At time of writing, SUI is worth $0.63, still above the trader’s accumulation range.
As for Solana, Bluntz thinks that SOL will follow in the footsteps of Avalanche (AVAX), an altcoin that’s up over 90% this month.
“AVAX is now well and truly playing catch up and outpacing SOL by a mile but both have identical structures but AVAX is moving harder and faster. Good glimpse into the future for what is to come though.”
At time of writing, SOL is trading for $71.30.
Generated Image: Midjourney