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A prime crypto strategist who’s been making well timed altcoin calls as of late thinks that one Ethereum (ETH) challenger is near printing a neighborhood backside.
Pseudonymous analyst Bluntz tells his 254,000 followers on the social media platform X that he’s bullish on Solana (SOL).
In keeping with the highest dealer, he sees Solana carving a backside towards Bitcoin (SOL/BTC) at round 0.0025 BTC ($179.57) earlier than igniting contemporary rallies.
“SOL/BTC tremendous near placing in a backside in my view, simply wants to comb these lows one final time on hourly to place in that 5 of C.”
Bluntz practices the Elliott Wave principle, which states {that a} bullish asset tends to witness a brand new leg up after finishing an ABC corrective wave. Trying on the dealer’s chart, he appears to counsel that the C wave is about to finish quickly, paving the way in which for a rally above 0.003 BTC ($215).
At time of writing, SOL/BTC is buying and selling for 0.002519 BTC ($180.94).
As for Solana towards the US greenback, Bluntz expects SOL to witness extra sideways consolidation earlier than sparking a rally to a brand new 2024 excessive of $230.
“Open to the potential of a sideways correction on SOL right here, primarily as a result of I feel SOL/BTC appears to be like prefer it’s already finished an ABC and has swept the lows and really near a backside, and if that bottoms would make no sense for SOL/USD to comb down decrease beneath $160.”
At time of writing, SOL is value $180.64.
Bluntz can also be naming one altcoin that he believes would set off rallies for Solana-based non-fungible tokens (NFTs).
“TNSR airdrop…doubtless kickstarts SOL NFT season in my view.
Individuals who don’t like shopping for jpegs will fortunately purchase the token, and NFT bros who do like jpegs [will] doubtless promote their stimmy (airdropped tokens) to purchase extra jpegs.
Flywheel impact.”
TNSR is the governance token of Tensor, the preferred NFT platform on Solana. Eligible customers can now claim their free TNSR tokens through the Jupiter (JUP) LFG launchpad.
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