A top cryptocurrency strategist says one Ethereum (ETH) rival may be setting the stage for another explosive rally.
pseudonym trader Bluntz says 233,800 followers on social media platform
Bluntz utilizes Elliott Wave theory in technical analysis. This theory attempts to predict future price movements by following herd psychology, which tends to appear in waves. The theory is that bullish assets tend to witness ABC correction waves before igniting the next uptrend.
“It’s great to see SOL’s obituary in TL (X Timeline). I’d love to see 20 million hedge tweets from people somewhere vaguely hinting when SOL Turbo reverses to $140.”
Solana is trading at $104.42 at the time of this writing, after starting the year trading below $10.
Traders remained bullish on Solana as SOL began to fall from recent highs near $124. With SOL reverting to the $113 level, traders predicted that SOL would eventually move to new local highs. However, it later temporarily fell below $100.
“There was a small 12% drop in SOL in a monster uptrend with a few more legs to go (in my opinion) for the BTC pair and the USD pair. “Don’t buck the trend.”
merchant island proposal ETH Layer 2 scaling solution Arbitrum (ARB) is set to take off soon after the ABC corrective wave.
“ARB looks really cool here. In fact, many charts are like that now. We are truly back.”
Arbitrum is trading at $1.44 at the time of writing, down 10.5% in the last 24 hours.
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