A prominent trader known as Bluntz, who accurately predicted the bottom of Bitcoin’s bear market in 2018, believes that Solana (SOL) will experience significant growth once it surpasses the resistance level in its multi-month accumulation range. Sharing his insights on the social media platform X, Bluntz suggests that Solana is on the verge of a breakout against both Bitcoin (SOL/BTC) and the US dollar.
Impressed by SOL’s recent price action, Bluntz indicates that it is likely that a breakout on the BTC pair is occurring, suggesting that a year-long period of accumulating SOL/BTC is nearing its end. He further explains that once Solana breaks the $32 level, a flood of positive price movement can be expected. Although the price must increase by 20% to reach this milestone, Bluntz highlights the promising signs seen in the high time frame structure.
The trader’s chart analysis supports his optimism towards SOL/BTC. Bluntz identifies higher-low structures in the pair’s movement while surpassing a diagonal resistance line, reinforcing his bullish sentiment. At the time of writing, Solana is valued at $29.44, and SOL/BTC is trading at 0.00098 BTC.
Bluntz also expresses a bullish outlook for Ethereum (ETH). According to his analysis, Ethereum may be primed for a rally following its adherence to support at $1,550 and the formation of a bullish higher-low setup.
Related Post
Despite a recent downturn for ETH/BTC, Bluntz observes that ETH/USD has recovered and re-entered the range it previously broke down from. Additionally, Ethereum has established a higher low during this process. These factors contribute to Bluntz’s positive outlook for the digital asset. As of now, Ethereum is valued at $1,632.
In conclusion, Bluntz’s expertise in predicting market movements has led him to believe that Solana and Ethereum have strong potential for future growth. His analysis indicates that Solana’s breakout against Bitcoin and the US dollar is imminent, with its multi-month accumulation phase coming to an end once it surpasses the $32 resistance level. Similarly, Bluntz identifies positive indicators for Ethereum, suggesting that it might experience a rally following its higher-low setup and overall price recovery.
As with any investment decision, it is important for individuals to conduct their own research and due diligence before making any high-risk investments in Bitcoin, cryptocurrencies, or digital assets. The Daily Hodl does not provide investment advice and emphasizes the importance of personal responsibility for any potential transfer or trade. Additionally, it is essential to note that The Daily Hodl participates in affiliate marketing.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets, nor is it an investment advisor.
