Renowned Crypto Analyst Sets Price Targets for Solana & Arbitrum
A prominent analyst in the cryptocurrency sphere has highlighted an emerging potential for significant upward movement in a popular altcoin.
The trader known as Bluntz recently discussed Solana (SOL), identifying what appears to be an ABC corrective pattern within its current trajectory.
love seeing the sol obituaries on the TL.
cant wait to see the 20 million hedged tweets ppl will manage to rustle up from somewhere vaguely insinuating they called it when $SOL turbo reverses to $140 pic.twitter.com/RFtcW0Siqk
— Bluntz (@Bluntz_Capital) December 28, 2023
Employing the Elliott Wave theory, Bluntz aims to forecast future price movements by tracking collective market psychology, often observed in wave patterns. As per the theory, an asset with bullish prospects typically experiences an ABC correction wave before initiating the next upward surge.
Expressing enthusiasm amidst apparent skepticism surrounding SOL, Bluntz hinted at the anticipation of numerous pessimistic tweets about SOL’s downfall and the subsequent rapid reversal towards $140.
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Solana’s current trading price stands at $104.42, representing a significant rise from its earlier year values below $10.
Maintaining an optimistic outlook despite SOL’s recent drop from nearly $124 to around $113 and a temporary dip below $100, the trader foresees the likelihood of SOL surpassing previous highs. Emphasizing the momentum of SOL’s uptrend, the trader advises aligning strategies with the prevailing market direction.
Furthermore, the trader also indicates a positive outlook for Arbitrum (ARB), an Ethereum layer-2 scaling solution, suggesting an imminent upsurge following an ABC corrective wave.
$ARB looks amazing here, infact so many charts do right now, were so backhttps://t.co/zHX9WYRMOM pic.twitter.com/IgAuBLCOcW
— Bluntz (@Bluntz_Capital) December 27, 2023
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.
