Popular crypto analyst Bluntz predicts new increases for Solana (SOL) and also expects a lot from Solana-based Jupiter. According to the analyst, it appears that Solana has completed an ABC correction against Bitcoin on the 8-hour chart.
“Solana is preparing for a new rise in my eyes. SOL/BTC looks like a nice finished ABC now.” https://twitter.com/Bluntz_Capital/status/1773828090114031966 Bluntz.
What does Bluntz base his analysis on?
Bluntz bases his analysis on the so-called Elliott Wave Theory, which in turn is based on the psychology of the crowd.
According to that theory, bullish assets often see gains after the conclusion of an ABC correction. Based on Bluntz’s chart, he seems to be predicting a rise to 0.00365 BTC for SOL/BTC.
At the time of writing, Solana is trading at $201.08 and is up 2.16 percent over the past 24 hours.
This makes Solana the best performing coin in the top five. Could things get even closer to Ethereum in the coming days? After all, overtaking Ethereum seems to be the most important goal for Solana in the long term.
Also bullish on Solana altcoin Jupiter
In addition to Solana, Bluntz is also bullish on the Solana-based altcoin Jupiter (JUP). Bluntz predicts that JUP could also start new gains after completing an ABC correction pattern.
“JUP looks very jumpy here and is clearly the strongest of the sacred triangle: JUP, JTO and PTH.”
Over the past 24 hours, Jupiter has risen 20.94 percent and is trading at $1.82. Bluntz seems to have been right in his analysis, which shows that he is an analyst who can be worth following when it comes to technical analysis.
Finally, he shares the bullish chart below for the Dogecoin price.
In this graph, Dogecoin appears to be following a pattern that preceded a gigantic price explosion for Bitcoin. However, we should not forget that there was a clear reason for Bitcoin to explode: namely BlackRock’s ETF filing in June 2023.
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