Altcoin That’s Exploded Over 700% in Six Months Gearing Up for the Next Leg Higher, Says Top Crypto Analyst

A widely followed analyst and trader is expressing bullish sentiment on an Ethereum (ETH) competitor that has soared by triple digits in half a year.

The analyst pseudonymously known as Bluntz tells his 254,100 followers on the social media platform X that Solana (SOL) appears to have completed a short-term bearish phase when paired against the US dollar.

Bluntz, who usually applies the Elliott Wave theory in his technical analysis, says that Solana has bottomed out at around $162 and will now go “higher from here” after completing a three-wave bearish pattern.

The Elliott Wave theory states that the main trend of the price of an asset moves in a five-wave pattern while a correction occurs in a three-wave pattern.

Solana is trading at $175 at time of writing, up by 722% from the low of $21.27 reached in October of 2023.

Against Bitcoin (BTC), the pseudonymous analyst says that Solana is exhibiting a bullish divergence on the four-hour chart with the price of Solana/Bitcoin trending downwards while the Relative Strength Index (RSI) readings are trending upwards.

The RSI is a momentum oscillator typically used to determine oversold and overbought conditions and its values range from 0 to 100.

From Bluntz’s chart, it also appears that Solana/Bitcoin has completed a downward-trending five-wave pattern that was encompassed within the final wave a three-wave bearish pattern.

Solana is trading at 0.00243700 BTC ($70,236) at time of writing.

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

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: DALLE3

The post Altcoin That’s Exploded Over 700% in Six Months Gearing Up for the Next Leg Higher, Says Top Crypto Analyst appeared first on The Daily Hodl.