Bullish Outlook: Crypto Strategist Forecasts 40% Surge for Solana ($SOL) Backed by Elliott Wave Theory

In a recent post on X, a prominent cryptocurrency strategist known for accurately predicting Bitcoin's 2018 bear market bottom anticipates a potential surge of over 40% for the smart contract platform Solana ($SOL). The analyst, Bluntz Capital, suggests that Solana's current downtrend has undergone sufficient testing to no longer be considered bearish.

Elliott Wave Theory Analysis:

• Bluntz Capital employs Elliott Wave theory, a technical analysis approach developed by Ralph Nelson Elliott in the 1920s, to predict Solana's potential price movement.
• The analyst identifies a clear three-wave move down from the highs, which he interprets as corrective, indicating a potential bullish scenario.
• According to Elliott Wave theory, market movements are based on recurring, fractal wave patterns influenced by mass psychology.

Accumulation Phase and Correction:

• Bluntz Capital observes that Solana's recent downtrend appears to have concluded an accumulation phase in the last two weeks.
• The correction in Solana's price followed the collapse of cryptocurrency exchange FTX, associated with Sam Bankman-Fried, a notable supporter of Solana, being found guilty on counts of wire fraud and money laundering.

Growing Adoption and Recent Developments:

• Despite recent challenges, Solana's ecosystem continues to witness growing adoption, illustrated by the Saga smartphone selling out due to a lucrative 30 million BONK token airdrop for each new owner.
• Solana's price has shown resilience, with a recovery of over 320% in the past year and a 30% increase over the last 30-day period.

Analyst's Track Record:

• Bluntz Capital gained recognition for accurately predicting the end of Bitcoin's 2018 bear market, foreseeing a bottom near $3,200 when Bitcoin was trading around $20,000. The prediction proved nearly accurate as BTC reached the target in December of that year.

Outlook for Solana:

• The Elliott Wave analysis by Bluntz Capital suggests that Solana has completed a wave-two corrective phase and is poised for a third wave rally.
• The analyst envisions a potential surge of over 40%, with Solana trading above the $140 mark.

Bluntz Capital's application of Elliott Wave theory provides a technical perspective on Solana's potential price trajectory, and the analyst's historical accuracy adds credibility to the forecast. Investors may closely monitor Solana's movements in light of these predictions and recent market developments.