Solana (SOL), a popular cryptocurrency, is predicted by crypto analyst Bluntz to experience a breakout that will surpass Ethereum (ETH) and Bitcoin (BTC) in terms of performance. Bluntz, who utilizes the Elliot Wave Theory in his technical analysis, suggests that SOL is currently in the midst of a five-wave impulse to the upside. He predicts that SOL could reach the $47 range before its next move.
According to Bluntz, SOL is still one of his favorite alt picks. He believes that the structure on the USD pair looks impulsive and similar to an extended wave three, indicating a potential breakout. In addition, SOL’s BTC and ETH pairs also suggest that high timeframe accumulation breakouts are on the horizon. Bluntz remains confident that SOL will outperform BTC and ETH in the near future, based on his analysis.
When analyzing BTC, Bluntz notes that its price action strongly suggests that more upside action is imminent. He believes that a dip to $32,000 is unlikely at this point. Instead, he anticipates BTC to consolidate within a bullish triangle pattern before making another upward impulse. Bluntz finds the acceptance of BTC at these levels after the breakout of $32,000 to be quite bullish. He does not expect a retest of $32,000, as many individuals missed the initial move and are waiting for a retest. Bluntz predicts that the triangle pattern will eventually break higher.
At the time of writing, BTC is trading at $33,957.
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Bluntz’s predictions have gained attention due to his successful application of the Elliot Wave Theory. This theory aims to predict price impulses based on crowd psychology, which tends to manifest in waves. By analyzing these waves, Bluntz is able to identify potential breakouts and market trends.
Investors and crypto enthusiasts may find Bluntz’s analysis and predictions valuable as they make investment decisions. However, it is important to note that these predictions are not investment advice, and individuals should conduct their own research and due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets.
In conclusion, Bluntz, a well-known crypto analyst, predicts that Solana (SOL) is on the verge of a breakout that will outperform Ethereum (ETH) and Bitcoin (BTC). Utilizing the Elliot Wave Theory, he suggests that SOL is in the midst of a five-wave impulse to the upside. Bluntz anticipates SOL to reach the $47 range before making its next move. Additionally, he believes that BTC will experience more upside action and consolidate within a bullish triangle pattern before another upward impulse. Investors should consider conducting their own research and due diligence before making any investment decisions.
