dailyhodl.com
A top crypto strategist who’s been making timely altcoin calls as of late thinks that one Ethereum (ETH) challenger is close to printing a local bottom.
Pseudonymous analyst Bluntz tells his 254,000 followers on the social media platform X that he’s bullish on Solana (SOL).
According to the top trader, he sees Solana carving a bottom against Bitcoin (SOL/BTC) at around 0.0025 BTC ($179.57) before igniting fresh rallies.
“SOL/BTC super close to putting in a bottom in my opinion, just needs to sweep these lows one last time on hourly to put in that five of C.”
Bluntz practices the Elliott Wave theory, which states that a bullish asset tends to witness a new leg up after completing an ABC corrective wave. Looking at the trader’s chart, he seems to suggest that the C wave is about to end soon, paving the way for a rally above 0.003 BTC ($215).
At time of writing, SOL/BTC is trading for 0.002519 BTC ($180.94).
As for Solana against the US dollar, Bluntz expects SOL to witness more sideways consolidation before sparking a rally to a new 2024 high of $230.
“Open to the possibility of a sideways correction on SOL here, mainly because I think SOL/BTC looks like it’s already done an ABC and has swept the lows and very close to a bottom, and if that bottoms would make no sense for SOL/USD to sweep down lower below $160.”
At time of writing, SOL is worth $180.64.
Bluntz is also naming one altcoin that he believes would trigger rallies for Solana-based non-fungible tokens (NFTs).
“TNSR airdrop…likely kickstarts SOL NFT season in my opinion.
People who don’t like buying jpegs will happily buy the token, and NFT bros who do like jpegs [will] likely sell their stimmy (airdropped tokens) to buy more jpegs.
Flywheel effect.”
TNSR is the governance token of Tensor, the most popular NFT platform on Solana. Eligible users can now claim their free TNSR tokens via the Jupiter (JUP) LFG launchpad.
Generated Image: Midjourney