Analysis

Analyst Says Solana en Route to New All-Time High, Outlines Potential End-of-Cycle Surge for Bitcoin

A carefully adopted analyst who continues to construct a following with well timed crypto calls thinks Solana (SOL) is gearing up for a rally to a contemporary report excessive.

Pseudonymous dealer Bluntz tells his 313,400 followers on the social media platform X that he thinks Solana has accomplished an ABC correction on the four-hour chart.

Bluntz practices the Elliott Wave idea, which states {that a} bullish asset tends to spark a brand new five-wave upside surge after finishing an ABC pullback.

Says the dealer,

“SOL pullback has additionally unfolded in a transparent ABC with the B wave as a triangle, needs to be en path to an all-time excessive from right here, for my part.”

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Supply: Bluntz/X

Primarily based on the analyst’s chart, Bluntz seems to foretell that Solana will climb to $320.

At time of writing, SOL is value $226.

As for Bitcoin (BTC), Bluntz says the crypto king could also be within the midst of finishing an ABC correction as nicely. In response to the dealer, it’s inside the realm of chance for BTC to backside out at round $96,000 earlier than kicking off a remaining leg-up.

“I in all probability can be open to the truth that that is an ABC, and we’re going to increase once more. By which case, this could in all probability flip into one other five-wave transfer and would prolong once more… Possibly [BTC would rally within] a diagonal.

Bull markets love to finish on ending diagonals. They like to be the ultimate, remaining wave. We’ve seen that many occasions earlier than.”

Supply: Bluntz/X

Wanting on the dealer’s chart, he appears to recommend that Bitcoin will finish the bull market at round $130,000.

See also  Solana surges 12.3% amid FUD and rumors - Just a passing fad?

At time of writing, BTC is value $101,076.

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