A prominent crypto analyst known as Bluntz is optimistic about Solana (SOL), an Ethereum competitor that has surged over 700% in the past six months.
Technical Analysis
Bluntz believes Solana has completed a bearish phase against the US dollar and has bottomed out at around $162. He expects the price to rise from here based on the Elliott Wave theory, which suggests a three-wave bearish pattern has ended.
Bullish Divergence
Against Bitcoin (BTC), Solana is showing a bullish divergence on the four-hour chart. While the price of SOL/BTC is trending down, the Relative Strength Index (RSI) is trending up. This indicates potential for a reversal.
Wave Patterns
Bluntz also points to a downward-trending five-wave pattern in SOL/BTC, which has been encompassed within a three-wave bearish pattern. He believes this pattern has completed and that the price is now poised for a move higher.
Current Price
At the time of writing, Solana is trading at $175, up 722% from its October 2023 low of $21.27. Against Bitcoin, SOL/BTC is trading at 0.00243700 BTC ($70,236).
