A prime crypto strategist who’s been making well timed altcoin calls as of late thinks that one Ethereum (ETH) challenger is near printing an area backside.
Pseudonymous analyst Bluntz tells his 254,000 followers on the social media platform X that he’s bullish on Solana (SOL).
In accordance with the highest dealer, he sees Solana carving a backside in opposition to Bitcoin (SOL/BTC) at round 0.0025 BTC ($179.57) earlier than igniting contemporary rallies.
“SOL/BTC tremendous near placing in a backside for my part, simply wants to brush these lows one final time on hourly to place in that 5 of C.”
Bluntz practices the Elliott Wave principle, which states {that a} bullish asset tends to witness a brand new leg up after finishing an ABC corrective wave. Trying on the dealer’s chart, he appears to counsel that the C wave is about to finish quickly, paving the best way for a rally above 0.003 BTC ($215).
At time of writing, SOL/BTC is buying and selling for 0.002519 BTC ($180.94).
As for Solana in opposition to the US greenback, Bluntz expects SOL to witness extra sideways consolidation earlier than sparking a rally to a brand new 2024 excessive of $230.
“Open to the potential for a sideways correction on SOL right here, primarily as a result of I feel SOL/BTC appears to be like prefer it’s already executed an ABC and has swept the lows and really near a backside, and if that bottoms would make no sense for SOL/USD to brush down decrease beneath $160.”
At time of writing, SOL is price $180.64.
Bluntz can also be naming one altcoin that he believes would set off rallies for Solana-based non-fungible tokens (NFTs).
“TNSR airdrop…seemingly kickstarts SOL NFT season for my part.
Individuals who don’t like shopping for jpegs will fortunately purchase the token, and NFT bros who do like jpegs [will] seemingly promote their stimmy (airdropped tokens) to purchase extra jpegs.
Flywheel impact.”
TNSR is the governance token of Tensor, the most well-liked NFT platform on Solana. Eligible customers can now declare their free TNSR tokens through the Jupiter (JUP) LFG launchpad.
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