A cryptocurrency analyst, who accurately predicted the bottom of the market in 2018, is now focusing on Solanaprovided with a price floor for the cryptocurrency and identifying the next target after it has been achieved.
Solana rises above $200 after hitting this low
In a post from Wednesday X (formerly Twitter), a crypto analyst identified as ‘Bluntz’ did just that marked a potential price floor for Solana. In continuation of the previous one prediction on April 4, where he predicted Solana would hit a low at or below $160 sooner push back upBluntz revealed in his new post that the next price bottom would be $162.
The crypto analyst expects Solana’s price to hit a low of $162 before starting to move higher, signaling a possible bullish recovery for the cryptocurrency. Sharing various price charts for illustration Solana price movements between March and April 2024, Bluntz uses the Elliot wave theory as a technical pattern to guide his predictions.
The Elliott wave theory is a unique form of technical analysis that predicts price movements by observing and identifying long-term recurring price patterns associated with persistent changes in investor sentiment and psychology.
In his earlier post, Bluntz shared a price chart indicating this Solana’s next step up after reaching the predicted price bottom would be $224. He estimated the timeline for this significant increase and predicted that the cryptocurrency could rise to $224 before April 22.
Solana is now trading at $151. Chart: TradingView
Price update for Solana (SOL)
Lately the price of Solana has been on a major downtrend, recording double-digit losses in recent weeks. At the time of writing, the cryptocurrency is trading at a price of $151.15, which represents a decline of 12.32% in the past 24 hours and a decline of 13.93% in the past week, according to CoinMarketCap.
This continued decline is attributed to the congestion issues currently facing Solana’s network. Earlier in April, Solana fell victim to a network outage, which caused approximately 75% of transactions on the network to fail. This caused a major disruption to the blockchain’s operations, raising concerns investors and the broader crypto community.
After the blackout, Solana’s price fell plummeted significant and continues the downward trend. Despite planning April 15 for a network resolutionthe value of the cryptocurrency has not generated any positive response.
It is also important to note that Solana’s current price has fallen well below the previously established bottom of $162 predicted by Bluntz. The possibility of one bullish recovery for the cryptocurrency remains uncertain as more doubts have been raised about the network’s ability to handle significant transaction volumes.
Featured image from Pexels, chart from TradingView
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