A crypto analyst is predicting a significant price rebound for Solana (SOL), the Ethereum competitor. This prediction comes after SOL’s price plummeted by roughly 64% from its all-time high of $293 in January.
Bullish Signals for Solana
The analyst, known as Bluntz, points to a “bullish divergence” on SOL’s daily chart. This technical indicator suggests buying pressure is increasing, even though the price is still falling or stagnating. Bluntz believes this, along with similar signals on other cryptocurrencies, indicates the potential for substantial price increases. While not calling an absolute bottom, they expect sizeable bounces are highly probable.
Solana Outperforming Bitcoin?
Bluntz also sees positive signs in the SOL/BTC chart (Solana’s price relative to Bitcoin). They believe this chart shows a completed correction pattern, suggesting a potential local bottom. They even describe the current price as being in a “buyable zone”. Their analysis uses the Elliott Wave theory, which predicts a five-wave price rally following such a correction.
The Bottom Line
Currently, SOL/BTC is trading at 0.00139 BTC, equivalent to about $105. Bluntz’s analysis suggests that Solana might outperform Bitcoin in the near future. However, it’s important to remember that this is just one analyst’s opinion, and cryptocurrency investments are inherently risky. Always do your own research before investing.
