Subscribe to our Telegram channel!
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.