Top Analyst Says Solana on the Cusp of a Breakout, Will Outperform Bitcoin and Ethereum – Here’s His Outlook
A widely-followed crypto analyst says the Ethereum (ETH) rival Solana (SOL) is on the verge of another breakout that will outperform ETH and Bitcoin (BTC).
Pseudonymous crypto trader Bluntz tells his 225,000 followers on the social media platform X that SOL is one of his main “alt picks” and is set to run higher not only in USD terms but also versus BTC (SOL/BTC) and ETH (SOL/ETH).
“SOL still one of my favorite alt picks right now.
Structure on the USD pair looks very much impulsive and like an extended wave three underway and its BTC and ETH pair also still look like they are on the cusp of high timeframe accumulation breakouts.”
Source: Bluntz/X
Bluntz utilizes the Elliot Wave Theory in his technical analysis. The theory aims to predict price impulses based on crowd psychology, which tends to manifest in waves. Based on his chart, the analyst suggests that SOL is in the midst of a five-wave impulse to the upside that could top out near the $47 range before making its next move.
When asked why he’s so zeroed in on Solana, Bluntz says he’s confident that SOL will outperform BTC and ETH in the near future.
Looking at Bitcoin, the trader says that BTC’s price action strongly suggests that more upside action is imminent and that a dip to $32,000 is unlikely at this point. He forecasts that BTC will make another impulse upward after consolidating within a bullish triangle pattern.
“The fact that BTC is showing acceptance at these levels after that strong breakout of $32,000 is quite bullish in my opinion.
I don’t think we retest $32,000 at all, too many people missed the move and want that retest and I don’t think the market will give it to them.
I anticipate this to probably end up as a triangle and break higher.”
Source: Bluntz/X
At time of writing, Bitcoin is trading at $33,957.
Generated Image: DALLE-3
The post Top Analyst Says Solana on the Cusp of a Breakout, Will Outperform Bitcoin and Ethereum – Here’s His Outlook appeared first on Crypto News Australia.
Filed under: Bitcoin - @ October 28, 2023 9:22 am