$SOL

The price of Solana ($SOL) is "preparing for a violent breakout," according to a popular cryptocurrency analyst known for accurately predicting the 2018 crypto market bottom. In a recent post shared on the microblogging platform X (formerly Twitter), the analyst, who operates under the pseudonym Bluntz Capital and boasts over 250,000 followers, displayed a Solana price chart indicating the cryptocurrency is forming higher lows after three corrective waves.

Bluntz employs Elliott Wave Theory, a form of technical analysis suggesting that the price movements of an asset occur in a specific five-wave pattern. This theory, developed in the 1920s by Ralph Nelson Elliott, posits that market trends unfold in repetitive cycles driven by investor psychology, typically consisting of a five-wave progression in the direction of the dominant trend followed by a three-wave corrective phase. These fractal wave patterns are based on the psychology of the masses.

Recently, Bluntz also hinted that Bitcoin's price might reach a new all-time high "within the next 1 to 2 weeks," following his prediction of a "maximum pain scenario" for Bitcoin, which would occur before a "true rise." On the microblogging platform, he suggested that the scenario would involve BTC losing its recent peak, prompting investors to buy the dip in anticipation of further increases, believing it to be some sort of triangular breakout.

It's noteworthy that Bluntz famously predicted in June 2018 that the bear market, which saw Bitcoin's price drop from a near all-time high of $20,000, would bottom out with the coin trading at $3,200. This prediction was nearly accurate, as BTC hit this target in December of the same year.