According to a well-known cryptocurrency analyst who made precise predictions about the bottom of the market during the 2018 bear market, Solana ($SOL) is "gearing up for a violent breakout."
The well-known pseudonymous cryptocurrency analyst Bluntz Capital shared a post on the microblogging site X (formerly known as Twitter) with over 250,000 followers. The post included a Solana price chart that demonstrated the cryptocurrency making higher lows after forming three corrective waves.
Bluntz makes use of Elliott Wave Theory, a paradigm for technical analysis that postulates a distinct five-wave pattern in the price movement of an asset. Popular technical analysis theory Elliott Wave Theory suggests that investor psychology drives repeating cycles in which market trends emerge. Usually, these cycles have a five-wave development towards the dominant trend, succeeded by a three-wave corrective phase.
After observing and identifying "recurring, fractal wave patterns" that are rooted in the psyche of the masses, Ralph Nelson Elliott created the Elliott Wave hypothesis in the 1920s.
After predicting Bitcoin's "max pain scenario," which would take place before the "real run up," the well-known analyst recently stated he thinks the price of the cryptocurrency will reach a new all-time high "within the next 1-2 weeks." On the microblogging platform, the analyst revealed the scenario would be for BTC to lose its recent high and while doing so see investors buy the dip expecting it to keep on rising as they "think its some kind of triangle breakout."
It's important to note that Bluntz gained notoriety in June 2018 for correctly spotting a bear market that saw the price of bitcoin plummet from an all-time high of over $20,000 to $3,200. The forecast was almost right, as Bitcoin reached the target in December of that year.
April 2024, Cryptoniteuae