Top Analyst Says Ethereum Rival Looks Turbo Bullish, Updates Outlook on Arbitrum and Solana-Based Memecoin
A top trader who accurately called Bitcoin’s (BTC) floor price during the 2018 bear market says one Ethereum (ETH) challenger looks extremely bullish.
Pseudonymous analyst Bluntz tells his 251,100 followers on the social media platform X that he expects the native asset of the layer-1 protocol Near (NEAR) to rally to a level last seen in May 2022.
According to the analyst, NEAR appears to be in the midst of a five-wave surge that could see the altcoin soaring close to $10 in a matter of days.
“NEAR looks turbo bullish here IMO (in my opinion), clear ABC down from the highs, spent all weekend accumulating and now breaking out.
Should be one of the first to make new highs IMO.”
Bluntz uses the Elliott Wave theory to predict the future price action of crypto assets. According to the theory, a bullish asset tends to witness a five-wave rally after completing an ABC corrective move.
At time of writing, NEAR is worth $7.60, an increase of over 3% in the past day.
The trader is also keeping a close watch on the Ethereum scaling solution Arbitrum (ARB). Bluntz says ARB is flashing multiple bullish reversal signals on the daily chart.
“ARB not only looks like a nice clear as day ABC down but there’s also a daily bullish divergence now on that daily close print.
ETH beta about to get some love again IMO.”
Traders often watch out for assets that give off a bullish divergence reading. It suggests that a bullish reversal is in sight as the asset gains momentum despite the price trending down or sideways.
At time of writing, ARB is worth $1.70.
Bluntz says he’s also expecting rallies for the Solana (SOL)-based meme token Slerf (SLERF).
“Initial hype and first pullback on SLEF looks over. Took a punt now it’s cooled off.”
At time of writing, SLERF is worth $0.767, up over 17% in the last 24 hours.
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Author: Henry Kanapi
