After Bitcoin (BTC) bottomed out in its 2018 bear market, a trader believes one Ethereum (ETH) rival is poised for a big rally.
Solana (SOL) appears to have completed the ABC correction, pseudonymous analyst Bluntz told his 238,500 followers on social media platform X.
Bluntz said he now expects Solana to begin a new five-wave rally that could see SOL take profits of around 50% from current prices.
“SOL recovered breakdown range, now basically confirmed up to $150+. The bear is trying to learn the true meaning of pain.”
Analysts practice Elliott Wave Theory, a technical analysis approach that attempts to predict future price movements by following crowd psychology, which tends to manifest itself in waves. The theory is that bullish assets often go through an ABC correction before starting a five-wave uptrend.
As of this writing, SOL is trading at $97.24, up nearly 4% in the last 24 hours.
Analysts are also keeping an eye on the native asset of Moonriver (MOVR), an Ethereum (ETH)-compatible parachain built on Kusama (KSM). According to Bluntz, MOVR looks bullish after completing its ABC correction move.
“MOVR looks amazing here and is flying largely under the radar.”
Blunts previously predicted MOVR could rise up to $50.
As of this writing, MOVR’s value is $23.48, down 4.49% over the past day.
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Featured image: Shutterstock/herryfaizal/Salamahin