dailyhodl.com
A widely followed cryptocurrency analyst and trader is expressing bullish sentiment on Ethereum (ETH) competitor Solana ($SOL).
The analyst pseudonymously known as Bluntz tells his 237,000 followers on the social media platform X that Solana might soar more than 39% from its current value.
“I think $SOL might be gearing up for a leg up to $140-plus. This downtrend has been tested too many times now for me to consider bearish and can’t ignore the clear three-wave move down from the highs looking corrective. Looks like the past two-week range has been a base, send it.”
Bluntz practices the Elliott Wave theory, a technical analysis approach that attempts to predict future price action that tends to manifest in waves. According to the theory, a bullish asset goes through a five-wave rise followed by an ABC corrective move before starting its next leg up.
Looking at the trader’s chart, he seems to predict that Solana will ignite a new five-wave surge after completing an ABC correction.
Solana is trading for $100.62 at time of writing, up nearly 4% in the last 24 hours.
Next up, the trader says memecoin dogwifhat ($WIF) is set up for a breakout after a period of price consolidation around the $0.33 level.
“Very healthy consolidation range beneath prior ATH (all-time high) on $WIF. You better believe once we get out of this range it’s going to full send.”
$WIF is trading for $0.42 at time of writing, up more than 59% in the last 24 hours.
The trader also believes that decentralized exchange (DEX) project Maverick Protocol (MAV) is undergoing a massive rally after breaking out of an ascending channel.
“Now that is a monster daily MAV breakout. We’ve entered the parabola phase.”
MAV is trading for $0.67 at time of writing, up more than 2% in the last 24 hours.
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