A broadly adopted crypto dealer is predicting that Solana (SOL) will resume transferring to the upside after a sudden retracement.
Pseudonymous analyst Bluntz tells his 228,600 followers on the social media platform X that Solana may soar by greater than 22% from its present worth.
Bluntz makes use of the Elliott Wave idea in his technical evaluation. The Elliott Wave idea states that the primary development of the worth of an asset strikes in a five-wave sample.
“Lastly obtained a pleasant three-wave correction on SOL four-hour, all of the late apes washed out.
I feel it’s prepared for the following leg up into $70 and nonetheless very a lot in a monster uptrend in opposition to BTC as properly.”
The dealer additionally says that SOL is displaying bullish divergence on the relative power index (RSI), a momentum indicator that merchants use to identify development continuation or reversal.
“LTF (low timeframe) divs. (divergence) once more, ship it.”
In accordance with the dealer, an identical bullish divergence appeared on the RSI earlier this month that preceded Solana’s large transfer from $38 to above $60.
The dealer said at the moment,
“LTF divs. on SOL, gimme that sweep hopium.”
Solana soared to a excessive of $62.29 on November eleventh, earlier than dipping all the way down to $52.05 on November thirteenth. Solana is buying and selling for $57.28 at time of writing, a rise of 8.9% within the final 24 hours.
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