A trader who nailed Bitcoin’s (BTC) 2018 bear market bottom believes that one Ethereum (ETH) rival is poised for a big burst to the upside.
Pseudonymous analyst Bluntz tells his 238,500 followers on the social media platform X that Solana (SOL) appears to have completed an ABC corrective wave.
Bluntz says that he now expects Solana to start a new five-wave rally that could see SOL printing about 50% gains from current prices.
“SOL reclaimed breakdown range, move up to $150+ now basically confirmed. Bears about to learn the true meaning of pain.”
The analyst practices the Elliott Wave theory, a technical analysis approach that attempts to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a bullish asset often goes through an ABC correction before launching a five-wave move to the upside.
At time of writing, SOL is trading for $97.24, up nearly 4% in the last 24 hours.
The analyst is also keeping an eye on the native asset of Moonriver (MOVR), an Ethereum (ETH)-compatible parachain built on Kusama (KSM). According to Bluntz, MOVR looks bullish after completing an ABC corrective move.
“MOVR looking amazing here, flying under the radar big-time.”
Bluntz previously predicted that MOVR could rally to as high as $50.
At time of writing, MOVR is worth $23.48, down 4.49% in the past day.
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Featured Image: Shutterstock/herryfaizal/Salamahin
