A widely respected cryptocurrency analyst says smart contract platform Solana (SOL) has more room to operate after posting triple-digit profits so far this year.
Cryptocurrency trader Bluntz says 230,500 followers on social media platform
Bluntz said Solana, when paired with Bitcoin, formed a bullish setup. A strategist who applies Elliott Wave theory to technical analysis says the Solana/Bitcoin pair (SOL/BTC) has completed a bearish 5-wave pattern and is on the cusp of a move that could result in a rally of more than 100%. 41%.
According to Elliott Wave Theory, sub-waves can be used to identify potential turning points in the market. A 3 wave pattern is denoted by A, B, C and a 5 wave pattern is denoted by 1, 2, 3, 4, 5.
“I think Solana is going to be torn apart again.
The most important chart I have been tracking is SOL/BTC and it looks like a neat ABC of 5 sub-waves within C. I think the SOL/USD pair will fall another 40% or so in the next few days.”
Solana is trading at $63.59, up 536% from $9.99 recorded at the beginning of the year, while SOL/BTC is trading at $0.00142.
Convert to Bitcoin (BTC), Bluntz Called The flagship cryptocurrency asset is bullish and could reach a price of around $90,000 once the five-wave pattern is completed.
“BTC is really going parabolic right now. All characteristics of Wave-3 are underway.”
Besides, the merchant note The top cryptocurrency assets by market cap appear to be descriptive evidence of macroeconomic scale.
“The great thing about BTC is that it literally has a bullish narrative about everything that happens on a macro level. 24-year interest rate cut? Do not worry. BTC is pumped because it is a risky asset. More interest rates in 24? Do not worry. BTC is deflationary, ultra-sound money, flight towards quality, digital gold, blah blah blah.”
At the time of writing, Bitcoin is trading at $43,930, a slight increase over the past 24 hours.
Don’t miss a beat – subscribe to get email alerts delivered straight to your inbox
Check Price Action
follow us TwitterFacebook, Telegram
Daily Hodl Mix Surfing
 
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you are responsible for any losses that may occur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.
Image created: DALLE3