A widely followed crypto trader is predicting that Solana (SOL) will resume moving to the upside after a sudden retracement.
Pseudonymous analyst Bluntz tells his 228,600 followers on the social media platform X that Solana could soar by more than 22% from its current value.
Bluntz utilizes the Elliott Wave theory in his technical analysis. The Elliott Wave theory states that the main trend of the price of an asset moves in a five-wave pattern.
“Finally got a nice three-wave correction on SOL four-hour, all the late apes washed out.
I think it’s ready for the next leg up into $70 and still very much in a monster uptrend against BTC as well.”
The trader also says that SOL is showing bullish divergence on the relative strength index (RSI), a momentum indicator that traders use to spot trend continuation or reversal.
“LTF (low time frame) divs. (divergence) again, send it.”
According to the trader, a similar bullish divergence appeared on the RSI earlier this month that preceded Solana’s big move from $38 to above $60.
The trader said at that time,
“LTF divs. on SOL, gimme that sweep hopium.”
Solana soared to a high of $62.29 on November 11th, before dipping down to $52.05 on November 13th. Solana is trading for $57.28 at time of writing, an increase of 8.9% in the last 24 hours.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Generated Image: DALLE3
