Cryptocurrency analyst Bluntz claims that Ethereum rival Solana’s token, SOL, may still rise further despite achieving triple-digit gains since the beginning of the year.
In his statement on X, Bluntz pointed out that SOL could achieve double-digit gains in the coming days.
Based on the Elliot Wave theory in his technical analysis, the analyst noted that the SOL/BTC pair has completed the downward trend consisting of five sub-waves and is on the verge of a movement that could result in a 41 percent rise. According to this theory, lower waves can be used to identify potential turning points in the market. A three-wave pattern is labeled A, B, and C, while a five-wave pattern is labeled 1,2,3,4,5.
While SOL was traded at $9.99 in January 2023, it has increased by 536 percent since then, rising to $63.59.
Bluntz similarly stated that Bitcoin could reach $90,000 after completing a five-wave model.
“Bitcoin is in good shape right now and is truly on a parabolic trajectory. “It has all the hallmarks of an ongoing third wave.”
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