A widely respected cryptocurrency trader said that Ethereum (ETH) rival, which performed very well last year, is headed for another major rally.
pseudonym analyst Bluntz says 235,200 followers on social media platform
“SOL is racing toward new heights. It is not simply a fade 35% liquidation dump in the strongest uptrend of all the top 10 coins in a bull market.”
Bluntz utilizes Elliott Wave theory in technical analysis. Elliott Wave Theory states that major trends in asset prices move in a five-wave pattern, while corrections occur in a three-wave pattern.
Looking at his chart, the trader suggests that Solana is in the process of printing a five-wave pattern to the upside that could push SOL above the $145 level.
Solana is trading at $98.70 at the time of this writing, down nearly 7% in the last 24 hours.
Next is the merchant predict Sei Network (SEI), a new layer 1 blockchain project, could soon reach the $1 level after completing a three-wave correction.
“Even when it starts to go parabolic, any decline continues to be a three-wave decline with no signs of slowing down yet. At this point, I feel like $1 has been programmed.”
SEI is trading at $0.72 at the time of this writing, down nearly 8% in the last 24 hours.
Finally, the merchant Believe A breakthrough is coming for Lido DAO (LDO), a cryptocurrency project that allows users to stake Ethereum without locking up their assets or maintaining infrastructure. He also said that LDO is making gains compared to Bitcoin (LDO/BTC).
“I have a love-hate relationship with LDOs, but I think there will finally be a breakthrough in price discovery. There is a weekly strength gap in BTC pairs.”
He said the trader’s charts suggest that LDO will soon break the key resistance level of $3.17 and that its value against Bitcoin could soon surge to 0.000140 BTC ($6.16).
LDO/BTC is trading at 0.00007549 BTC ($3.32) at the time of writing.
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