A leading crypto strategist who has been making frequent altcoin calls lately thinks an Ethereum (ETH) challenger is close to a local bottom.
Pseudonymous analyst Bluntz tells his 254,000 followers on social media platform X that he is bullish on Solana (SOL).
According to the top trader, he sees Solana bottoming against Bitcoin (SOL/BTC) around 0.0025 BTC ($179.57) before new rallies emerge.
“SOL/BTC is super close to making a bottom in my opinion, but needs to sweep these lows one last time per hour to get that five of C.”
Bluntz applies the Elliott Wave theory, which states that a bullish asset tends to witness a new rise after completing an ABC correction wave. Looking at the trader’s chart, he seems to suggest that the C wave is about to end soon, paving the way for a rally above 0.003 BTC ($215).
At the time of writing, SOL/BTC is trading at 0.002519 BTC ($180.94).
As for Solana against the US dollar, Bluntz expects SOL to see more sideways consolidation before rallying to a new 2024 high of $230.
“Open to the possibility of a sideways correction on SOL here, especially since I think SOL/BTC looks like it has already done an ABC and hit the lows and very close to a bottom, and if those bottoms would make no sense for SOL/ USD will fall below $160.”
At the time of writing, SOL is worth $180.64.
Bluntz also mentions one altcoin he has believes would spark rallies for Solana-based non-fungible tokens (NFTs).
“TNSR airdrop… will probably kickstart the SOL NFT season in my opinion.
People who don’t like buying jpegs will happily buy the token, and NFT bros who like jpegs [will] probably selling their stimmy (airdropped tokens) to buy more jpegs.
Flywheel effect.”
TNSR is the governance token of Tensor, the most popular NFT platform on Solana. Eligible users can do that now claim their free TNSR tokens via the Jupiter (JUP) LFG launch pad.
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Generated image: Midjourney