November 25, 2023
Top crypto analyst Bluntz believes that the recent correction in Solana (SOL) is over and that rallies are set to continue for the leading Ethereum (ETH) rival.
Bluntz uses Elliott Wave theory to forecast price movements based on crowd psychology, which tends to manifest in waves. According to this theory, price impulses happen in five waves after three-wave “ABC” corrections. Bluntz states that SOL has completed an ABC correction and is primed for another impulse to the upside.
Bluntz suggests that Solana is likely to be the “fastest horse” in the next crypto market cycle. He points out that SOL/BTC, Solana's Bitcoin pair, is indicating more strength to come in the near future.
Bluntz targets a price above $80 for Solana until it completes a five-wave move to the upside. However, he believes that SOL is likely to reach much higher prices than $80 based on his chart analysis.
Bluntz remains optimistic about Solana's future performance, expecting new highs and three-wave pullbacks followed by further gains. He suggests reassessing the situation once the five-wave structure is complete. At the time of writing, SOL is trading at $57.39.