A extensively adopted analyst and dealer is expressing bullish sentiment on an Ethereum (ETH) competitor that has soared by triple digits in half a yr.
The analyst pseudonymously often known as Bluntz tells his 254,100 followers on the social media platform X that Solana (SOL) seems to have accomplished a short-term bearish part when paired towards the US greenback.
Bluntz, who normally applies the Elliott Wave principle in his technical evaluation, says that Solana has bottomed out at round $162 and can now go “increased from right here” after finishing a three-wave bearish sample.
The Elliott Wave principle states that the principle development of the value of an asset strikes in a five-wave sample whereas a correction happens in a three-wave sample.
Solana is buying and selling at $175 at time of writing, up by 722% from the low of $21.27 reached in October of 2023.
Towards Bitcoin (BTC), the pseudonymous analyst says that Solana is exhibiting a bullish divergence on the four-hour chart with the value of Solana/Bitcoin trending downwards whereas the Relative Power Index (RSI) readings are trending upwards.
The RSI is a momentum oscillator usually used to find out oversold and overbought circumstances and its values vary from 0 to 100.
From Bluntz’s chart, it additionally seems that Solana/Bitcoin has accomplished a downward-trending five-wave sample that was encompassed throughout the remaining wave a three-wave bearish sample.
Solana is buying and selling at 0.00243700 BTC ($70,236) at time of writing.
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