A trader who correctly called the 2018 bear market price floor for Bitcoin (BTC) believes a steep rally is in store for one Solana (SOL) challenger.
Household analyst Bluntz told his 231,700 followers on social media platform
The trader shares a chart showing that SUI is up over 122% from its current price.
“A month-long cumulative outage for the SUI/USD pair.
Nonetheless, BTC pairs are still accumulating. I think this soon starts to turn parabolic.
“It’s still early days, but it won’t last long.”
Bluntz practices Elliott Wave theory, an advanced technical analysis method that attempts to predict future price movements by following herd psychology, which tends to appear in waves. According to theory, bullish assets tend to witness five-wave rallies.
Looking at the trader’s chart, he seems to be predicting that SUI will rise to $1.40 before ending its five-wave surge. As of this writing, the value of SUI is $0.63, still above traders’ accumulation range.
As for Solana, Bluntz thinks SOL will follow in the footsteps of Avalanche (AVAX), an altcoin that is up more than 90% this month.
“AVAX is now catching up well and is ahead of SOL by a mile, both have the same structure but AVAX is moving faster and faster. But it’s a good glimpse into the future of what’s to come.”
As of this writing, SOL is trading at $71.30.
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 by: Midjourney