Bluntz analyst predicts Solana’s growth to $ 110

An analyst under the pseudonym Bluntz, known for his accurate predictions on the crypto market, said that Solana SOL $89.54 Binance-Peg SOL 7.00% Market capitalization $98.49 million VOL. 24 hours $0.49 billion is showing signs of being ready to breakout. He drew attention to a «bullish divergence» on the four-hour chart, which could develop into a signal on the daily and even three-day timeframes.

According to him, investors used the last price drop to the $ 70−80 range to accumulate coins. Bluntz believes that the current dynamics is an early phase of accumulation, and the bottom has already been passed.

The analyst applies the Elliott Wave Theory, according to which, after an ABC correction, an asset usually moves to a five-wave growth. In his opinion, Solana is completing a three-wave correction and may return to $ 110.

Bluntz also noted that the cryptocurrency market is in a state of «despair,» but this is what creates the conditions for recovery. He emphasized that panic often occurs after the bottom has been formed, while the real capitulation took place more than two weeks ago.

At the time of writing, Solana is trading at $ 84, down 4.5% from the previous day. The analyst is convinced that the current price weakness is only part of a bigger picture that could end in a new stage of growth.