13 Apr

A well-known cryptocurrency analyst, recognized for accurately forecasting the cryptocurrency market bottom during the 2018 bear market, has recently stated their belief that the price of the smart contract platform Solana ($SOL) will increase further.

Via a post on the microblogging platform X (formerly Twitter), the pseudonymous analyst Bluntz Capital, with over 250,000 followers, revisited an earlier prediction suggesting that the price of SOL would dip to $160 "before we can think about the next leg up."

Although the native currency of the smart contract platform, SOL, did drop to the $162 level during the week, it has since rebounded to $167.8 at the time of the post.

Bluntz Capital indicated on the microblogging platform that they view the $162 mark as the bottom for SOL and anticipate further upward movement from its current level.

Bluntz, a prominent cryptocurrency analyst, holds strong optimism for Solana (SOL), a competitor to Ethereum (ETH), which has witnessed a remarkable price surge of over 700% in the past six months. 

Bluntz employs the Elliott Wave Theory, a technical analysis framework suggesting that an asset's price movement follows a specific five-wave pattern. This theory, popular among technical analysts, proposes that market trends unfold in repetitive cycles driven by investor psychology, typically consisting of a five-wave progression in the direction of the prevailing trend, followed by a three-wave corrective phase.

Developed by Ralph Nelson Elliott in the 1920s, the Elliott Wave theory identifies recurring fractal wave patterns based on mass psychology. Solana's price has surged by more than 660% over the past six months and is up over 65% year-to-date. Bluntz also notes a bullish divergence on the four-hour chart for the Solana/Bitcoin pair, where the Relative Strength Index (RSI), a technical indicator measuring market momentum, is trending upward despite Solana's price relative to Bitcoin moving downward.

This divergence suggests the potential for a forthcoming price reversal for Solana against Bitcoin, indicating that the smart contract platform may soon outperform the flagship cryptocurrency once again.

It's noteworthy that Bluntz gained fame for accurately predicting in June 2018 that the bear market, which saw Bitcoin's price plummet from an all-time high near $20,000, would conclude with the coin trading at $3,200. This prediction was nearly accurate, as BTC reached the target in December of the same year.

April 2024, Cryptoniteuae

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