Experienced crypto analyst Bluntz, closely followed, stated that the correction in Solana (SOL) has come to an end and that a strong rally in the altcoin, which is considered as the strongest competitor to Ethereum (ETH), will continue. Here is the analyst’s comment on SOL and the target level he expects to reach.
Correction in SOL Ends According to Analyst
Anonymous crypto analyst Bluntz said in his latest strategy session to his YouTube subscribers that SOL has completed its ABC correction and is preparing for a new upward movement. The analyst’s prediction is based on the Elliott Wave Theory, which attempts to predict price movements based on crowd psychology, which tends to manifest in waves. Traditionally, the Elliott Wave theory assumes that price movements occur in five waves after three-wave “ABC” corrections.
According to Bluntz, the current correction in SOL has ended and a new upward move will follow:
SOL looks definitely impulsive on lower timeframes. We had a five-wave uptrend and a very small ABC pullback. Now we’re going again, so I think the decline in SOL is over.
The analyst also added that Solana will likely be the “fastest horse” entering the next cryptocurrency market cycle and expects it to show more strength against Bitcoin (SOL/BTC trading pair) in the short term.
Expects Solana to Rise Above $80
Bluntz emphasized that Solana is currently targeting above $80 until it is seen that the five-wave upward movement is completely completed. Looking at the price chart shared by the analyst, it can be seen that SOL actually expects to go much higher than $80:
I think we will continue to create new highs, make three-wave pullbacks, and the uptrend will continue. Then, when this structure is completed and the fifth of the five waves is seen, that’s when I might start to worry, but there is no reason to worry until then.
At least for now, when I look at it daily, I still see plenty of fuel left in the tank, and we will probably go above $80 in the next wave. When we reach there, I will reassess.
