A popular cryptocurrency strategist who has gained a large following on social media after accurately calling Bitcoin’s 2018 bear market bottom above $3,000 has recently revealed he believes that Solana (SOL) could soon see a “mind-blowing” parabolic move upward.
In a post shared with their over 230,000 followers on the microblogging platform X(formerly known as Twitter), cryptocurrency analyst known as Bluntz has said that Solana appears to be forming a reversal pattern on its low time frame chart, as it forms a “beautiful rounded bottom” before moving up.
Per his words, it wouldn’t be surprising to see some “high timeframe sideways” movement before “the next mind-blowing parabola leg.”
Over the past year the price of Solana has moved up more than 690%, and over 390% over the past six months. The rise has helped it overtake Binances BNB by market capitalization to become the fourth largest digital asset by the metric.
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Solana’s price has been recovering from the collapse of cryptocurrency exchange FTX, whose founder Sam Bankman-Fried was a staunch supporter of, leading the token and its ecosystem to be affected by association. Bankman-Fried was recently found guilty on counts of wire fraud and money laundering.
Solana’s ecosystem has been seeing growing adoption, with its Saga smartphone, which once faced sluggish sales, selling out recently over a lucrative 30 million BONK token airdrop for each new owner of the phone.
Analysts believe SOL’s price may keep on rising, however, with a popular cryptocurrency strategist who has gained a large following on social media after accurately calling Bitcoin’s 2018 bear market bottom above $3,000, predicting a major surge for it in the near future.
Featured image via Unsplash.
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- Source: https://www.cryptoglobe.com/latest/2024/01/solana-sol-price-could-soon-see-a-mind-blowing-parabolic-move-upward-analyst-suggests/
