A popular cryptocurrency strategist who has gained a large following on social media after accurately calling Bitcoin’s 2018 bear market bottom above $3,000 has recently revealed he believes Solana (SOL) will keep outperforming Bitcoin in the near future.
In a post shared with their over 230,000 followers on the microblogging platform X(formerly known as Twitter), cryptocurrency analyst known as Bluntz has said he believes SOL is “about to rip again.” Pointing to SOL/BTC as the “most important chart” he’s been tracking, Bluntz said it looks like it will surge another 40% in the near future.
Bluntz’s price prediction uses Elliott Wave theory, which according to Investopedia was developed by Ralph Nelson Elliott in the 1920s after he observed and identified “recurring, fractal wave patterns.”
These fractal wave patterns are based on the psychology of the masses. The Elliott Wave theory is usually interpreted based on five waves moving in the direction of a main market trend, which can be bullish or bearish, and by three corrective waves. The repetition of these patterns, theory suggests, allows the movements of asset prices to be predicted.
The theory is said to have gained notoriety when Elliott himself predicted the stock market bottom in 1935 after a 13-month correction.
Solana’s price is notably up over 570% so far this year and nearly 60% over the last 30-day period, partly as it recovered from the collapse of FTX – which was a major supporter of the network – and as institutional investors move in.
Data shows that Solana-based investment products saw a total of $143 million of inflows so far this year as it keeps outperforming the wider cryptocurrency market.
Last month, Bluntz suggested that the price of SOL was “ready for the next leg up into $70,” pointing to a potential rise of 22% from its price at the time.
Featured image via Unsplash.
