According to a crypto strategist who accurately predicted Bitcoin's price floor during the bear market in 2018, Solana (SOL) is preparing for a significant upward movement.
Bluntz, a pseudonymous analyst with a following of 234,400 on the social media platform X, suggests that Solana is showing signs of a bullish reversal pattern on the one-hour chart.
The analyst predicts that SOL will undergo a period of consolidation before embarking on a parabolic rally.
"Beautiful rounded bottom forming on SOL.
Would not be surprised to see some high timeframe sideways on this before the next mind-blowing parabola leg.”
With Solana currently trading comfortably above the support level of the pattern, Bluntz forecasts an upcoming rally for the fifth-largest altcoin based on market capitalization.
"Nice move from the lows so far on SOL.
New highs soon.”
As of the time of writing, SOL is being traded at a price of $107.40.
Moving on, Bluntz is now examining Sei (SEI), a new layer-1 blockchain. According to the analyst, SEI is emerging as one of the top performers in this cycle, with a remarkable rally of nearly 400% within a few months of its launch.
"SEI is quickly turning into this cycle’s outperformer.
Should definitely be on everyone's radar for pullbacks in 2024, in my opinion.”
As of the time of writing, SEI is currently valued at $0.711, experiencing a growth of approximately 200% since the beginning of December.
Another altcoin that has caught the trader's attention is Lido DAO (LDO), a cryptocurrency project that aims to enable users to stake Ethereum (ETH) without the need to lock their assets or manage infrastructure.
According to the analyst, Lido DAO (LDO) appears to be ready for a breakout on its US dollar trading pair, while also showing a bullish reversal signal on its Bitcoin trading pair (LDO/BTC).
I have a love/hate relationship with LDO but I think it’s finally going for the price discovery breakout. There’s also weekly bullish divergence on the BTC pair.”
At time of writing, LDO is worth $2.87.
Solana doesn’t have to go the Proposer-Builder Separation (PBS) route chosen by Ethereum, but it will need to take a comprehensive approach to stabilize its fee market in the long term.
JinseFinanceDeribit lists XRP, Solana (SOL), and Polygon (MATIC) options, signaling potential growth. SOL options hint at a 20% surge, XRP eyes $0.9, and MATIC shows bullish sentiment. Adoption of USDC simplifies operations, enhances risk management. Director highlights benefits for investors.
EdmundBluntz Capital, renowned for predicting Bitcoin's 2018 bottom, anticipates a 40% surge in Solana ($SOL). Using Elliott Wave theory, he sees a corrective phase completed and a bullish trajectory.
Xu LinCrypto trader Ali Martinez predicts a bullish rally for Solana (SOL), targeting $163. He notes Cardano (ADA) echoing past patterns, suggesting consolidation before a potential climb to $8.00 by 2025. XRP may rally within an ascending channel to $1.10.
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