Economist Henrik Zeberg has an optimistic forecast for Ethereum rival Solana (SOL), stating that we are on the verge of a major rally in the altcoin market.
Zeberg, in his comments on social media platform X, suggested that Solana will enter a strong uptrend after a pullback.
Zeberg predicts a major rally for Solana using Elliott Wave Theory. According to this theory, an asset typically experiences a five-wave uptrend, with the third wave usually representing the longest and strongest move. Zeberg noted that Solana is set for a third-wave rally after a second-wave correction, saying:
“The altcoin season has begun and is now about to enter its most explosive phase. Solana is leading it after a strong second wave correction. Now, it should move towards the strongest bullish move and reach the ultimate target.”
Altcoins could outperform Bitcoin
Henrik Zeberg believes that altcoins will start to outpace Bitcoin at this stage of the market cycle. The analyst suggests that the third wave of altcoins is just beginning and advises investors to be patient.
Zeberg also says that Bitcoin will rise in the short term and that we could see a strong rally in early 2025.
Stay tuned