Bottoming Out
Crypto analyst Bluntz believes that Solana (SOL) is nearing a bottom against Bitcoin (SOL/BTC), hovering around 0.0025 BTC ($179.57). He anticipates a final dip to confirm the bottom before a potential rally.
Bullish Outlook
According to Bluntz, Solana is completing a corrective wave and is poised for a breakout above 0.003 BTC ($215). This bullish outlook is based on the Elliott Wave theory, which suggests that a bullish asset typically experiences a new uptrend after a corrective wave.
Sideways Consolidation
Bluntz acknowledges the possibility of sideways consolidation in Solana’s price against the US dollar before a rally. However, he believes that the token will eventually surge to a new 2024 high of $230.
TNSR: Trigger for NFT Season
Bluntz also highlights TNSR, the governance token of Tensor, as a catalyst for a potential NFT season on Solana. He believes that the airdrop of TNSR tokens will encourage users to buy and sell Solana-based NFTs, creating a flywheel effect.
