A closely followed analyst who continues to build a following with timely crypto calls thinks Solana (SOL) is gearing up for a rally to a fresh record high.
Pseudonymous trader Bluntz tells his 313,400 followers on the social media platform X that he thinks Solana has completed an ABC correction on the four-hour chart.
Bluntz practices the Elliott Wave theory, which states that a bullish asset tends to spark a new five-wave upside surge after completing an ABC pullback.
Says the trader,
“SOL pullback has also unfolded in a clear ABC with the B wave as a triangle, should be en route to an all-time high from here, in my opinion.”
Based on the analyst’s chart, Bluntz appears to predict that Solana will climb to $320.
At time of writing, SOL is worth $226.
As for Bitcoin (BTC), Bluntz says the crypto king may be in the midst of completing an ABC correction as well. According to the trader, it is within the realm of possibility for BTC to bottom out at around $96,000 before kicking off a final leg-up.
“I probably would be open to the fact that this is an ABC, and we’re going to extend again. In which case, this would probably turn into another five-wave move and would extend again… Maybe [BTC would rally within] a diagonal.
Bull markets love to end on ending diagonals. They love to be the final, final wave. We’ve seen that many times before.”
Looking at the trader’s chart, he seems to suggest that Bitcoin will end the bull market at around $130,000.
At time of writing, BTC is worth $101,076.
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Generated Image: Midjourney