Analyst Bullish on Solana, Predicts Potential Price Bottom
A prominent crypto analyst, known for accurate altcoin predictions, suggests that Solana (SOL) is nearing a potential price floor.
On social media platform X, the analyst known as Bluntz expressed optimism towards Solana (SOL).
sol/btc super close to putting in a bottom imo, just needs to sweep these lows one last time on hourly to put in that 5 of c pic.twitter.com/3r4mhBjOQm
— Bluntz (@Bluntz_Capital) April 8, 2024
According to Bluntz, Solana is on the verge of establishing a support level against Bitcoin (SOL/BTC) around 0.0025 BTC ($179.57), indicating readiness for a new upward trend.
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Using Elliott Wave theory, which identifies bullish patterns, Bluntz anticipates the completion of a corrective wave, signaling a potential rally beyond 0.003 BTC ($215).
open to the possibility of a sideways correction on $sol here, mainly because i think sol/btc looks like its already done an abc and has swept the lows and very close to a bottom and if that bottoms would make no sense for sol/usd to sweep down lower below 160 pic.twitter.com/EO7yOoBFL7
— Bluntz (@Bluntz_Capital) April 6, 2024
Regarding Solana’s performance against the US dollar, Bluntz anticipates a period of sideways movement before surging to a 2024 high of $230.
Bluntz also mentions an altcoin that could drive rallies for Solana-based non-fungible tokens (NFTs).
The TNSR airdrop, associated with Tensor, a leading NFT platform on Solana, is expected to catalyze the SOL NFT market. Eligible users can claim TNSR tokens through the Jupiter (JUP) LFG launchpad.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
