A top cryptocurrency strategist that has gained a large following on social media after accurately calling bitcoin’s 2018 bear market bottom above $3,000 has recently suggested that the price of Solana (SOL) could keep on soaring, even after moving up 510% year-to-date.
In a post shared with their over 220,000 followers on the microblogging platform, a pseudonymous analyst going by Bluntz noted that Solana could soar an additional 22% from its current price level, based on his technical analysis.
In the 1920s, Ralph Nelson Elliott formulated the Elliott Wave theory, a concept that emerged from his observation and identification of “recurring, fractal wave patterns.” These patterns are grounded in psychology of the masses, and the interpretation of the Elliott Wave theory typically involves five waves that move in line with the primary market trend, which could be either bullish or bearish, and by three corrective waves.
The theory posits that these patterns repeat themselves, enabling the prediction of asset price movements. Elliott’s theory gained prominence when he accurately forecasted the stock market’s bottom in 1935 following a 13-month correction.
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According to the trader, the relative strength index (RSI), which is a momentum indicator that traders use to identify trend changes or continuations, is showing a bullish divergence for SOL. The last time this occurred, the price moved up from around $38 to surpass the $60 mark.
Earlier this week, CoinShares’ latest Digital Asset Fund Flows report revealed that Solana-focused investment products saw over $12.4 million of inflows over the past week, bringing their year-to-date inflows to $121 million.
It’s worth noting Bluntz is famous for, in June 2018, predicting the bear market that was seeing the price of bitcoin drop from a then all-time high near $20,000 would end with the coin trading at $3,200. The prediction was nearly accurate, as BTC hit the target in December of that year.
Featured image via Unsplash.
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- Source: https://www.cryptoglobe.com/latest/2023/11/top-crypto-analyst-who-nailed-bitcoins-bear-market-bottom-forecasts-massive-rally-for-solana-sol/
