Solana ($SOL) Price ‘Gearing Up for Violent Breakout,’ Says Analyst Who Nailed 2018 Market Bottom

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A well-respected cryptocurrency expert, recognized for his accurate calls on the cryptocurrency market bottoms including during the 2018 bear market, has expressed that the price of Solana ($SOL) is primed for a significant price surge.

On microblogging site X, which now has over 250,000 followers, the well-known pseudonymous cryptocurrency expert known as Bluntz Capital displayed a Solana price chart. This chart demonstrated that Solana had been creating higher lows following three corrective waves.

$sol gearing up for a violent breakout here imo

— Bluntz (@Bluntz_Capital) April 22, 2024

Using the Elliott Wave Theory, Bluntz interprets that an asset’s price changes adhere to a distinct five-part pattern. This theory, widely used in technical analysis, proposes that market trends are fueled by investor sentiment and develop through repeating cycles. The trend direction is usually marked by a sequence of five waves, which is then followed by a three-wave correction phase.

In the 1920s, Ralph Nelson Elliott discovered the Elliott Wave theory by noticing and analyzing repeating, complex patterns in financial markets. These intricate patterns are linked to crowd behavior.

A well-known analyst has shared his perspective that Bitcoin‘s price could hit a fresh record high within the next 1-2 weeks. He previously forecasted a potential setback, known as “max pain scenario,” which would occur prior to a significant surge in value. On a social media site, the analyst described this situation: Bitcoin might momentarily drop below its current peak, causing some investors to seize the opportunity and purchase at a discounted price, assuming it will continue climbing due to an anticipated triangle breakout.

Notable is Bluntz’s prediction from June 2018, when he foresaw the bitcoin bear market that drove the price down from its peak of around $20,000 would result in a trading value of $3,200. His forecast came remarkably close to reality as Bitcoin reached this level in December of the same year.

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2024-04-24 03:09