A widely followed cryptocurrency analyst and trader is expressing bullish sentiment on Ethereum (ETH) competitor Solana (SOL).
The analyst pseudonymously known as Bluntz tells his 237,000 followers on the social media platform X that Solana might soar more than 39% from its current value.
“I think SOL might be gearing up for a leg up to $140-plus. This downtrend has been tested too many times now for me to consider bearish and can’t ignore the clear three-wave move down from the highs looking corrective. Looks like the past two-week range has been a base, send it.”
Bluntz practices the Elliott Wave theory, a technical analysis approach that attempts to predict future price action that tends to manifest in waves. According to the theory, a bullish asset goes through a five-wave rise followed by an ABC corrective move before starting its next leg up.
Looking at the trader’s chart, he seems to predict that Solana will ignite a new five-wave surge after completing an ABC correction.
Solana is trading for $100.62 at time of writing, up nearly 4% in the last 24 hours.
Next up, the trader says memecoin dogwifhat (WIF) is set up for a breakout after a period of price consolidation around the $0.33 level.
“Very healthy consolidation range beneath prior ATH (all-time high) on WIF. You better believe once we get out of this range it’s going to full send.”
WIF is trading for $0.42 at time of writing, up more than 59% in the last 24 hours.
The trader also believes that decentralized exchange (DEX) project Maverick Protocol (MAV) is undergoing a massive rally after breaking out of an ascending channel.
“Now that is a monster daily MAV breakout. We’ve entered the parabola phase.”
MAV is trading for $0.67 at time of writing, up more than 2% in the last 24 hours.
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