Subscribe to our Telegram channel

Analysts predict further growth of Solana cryptocurrency

11:04 pm, April 13, 2024

A popular analyst and trader has expressed bullish sentiment about rival Ethereum (ETH), which has soared 700% in six months. Bluntz told his 254,100 followers on the social media platform X that Solana (SOL) has ended its short-term bearish phase against the US dollar.

The analyst, who usually applies the Elliott Wave Theory in his technical analysis, emphasized that Solana bottomed at $ 162 and will now go «higher» after completing a three-wave bearish pattern.

The Elliott Wave Theory states that the main trend of an asset’s price moves in a five-wave pattern, while the correction follows a three-wave pattern.

Bluntz noted that on the four-hour chart, SOL is showing a bullish divergence against bitcoin, with the price of SOL/BTC declining while the Relative Strength Index (RSI) is rising.

Subscribe to our Telegram channel

BTC

$97,508.79

4.92%

ETH

$3,132.83

0.26%

BNB

$609.89

-0.54%

XRP

$1.12

2.22%

SOL

$242.83

2.16%

All courses
Subscribe to our
Telegram channel!
The latest news and reviews of the cryptocurrency markets of the last
day right in your messenger. We are waiting for you!
GO TO
Show more