Technical Analysis Points to Bearish Trend
A prominent crypto analyst, Bluntz, has reversed his bullish stance on Solana (SOL), predicting a significant decline. According to Bluntz, SOL has completed a five-wave rally and is now entering a corrective period.
Bluntz’s analysis is based on the Elliott Wave theory, which predicts price movements based on crowd psychology. He believes that SOL has formed a “macro lower high” at $188, indicating a potential drop below current levels.
Chart Analysis
Bluntz’s chart shows a five-wave decline from SOL’s recent high of $210. He predicts that the decline could extend to as low as $80.
Current Price Action
At the time of writing, SOL is trading at $165. If Bluntz’s prediction holds true, it could face a further decline of over 50%.
Disclaimer
It’s important to note that the views expressed by analysts are not investment advice. Investors should conduct their own research before making any financial decisions.
