- Solana (SOL) is showing signs of an upward explosion, according to popular cryptocurrency analyst Bluntz.
- Bluntz suggests that the correction in Solana may have completed, based on the Elliott Wave theory.
- Bluntz’s chart indicates a target range of $32-34 for Solana, with a potential 100% increase.
Solana (SOL) Poised for Upward Movement, Analyst Says
Cryptocurrency analyst Bluntz has made noteworthy statements about Solana (SOL), one of Ethereum’s (ETH) biggest competitors, suggesting that the correction may have completed. Bluntz’s analysis is based on the Elliott Wave theory, which he explains in a recent social media post. According to Bluntz, Solana could potentially see a 100% increase, with a target range of $32-34.
Elliott Wave Theory and Solana’s Potential
The Elliott Wave theory suggests that the price movement of an asset follows a five-wave pattern for the main trend and a three-wave pattern for corrections. Bluntz’s chart indicates that the three-wave correction in Solana may have completed, signaling the start of an upward movement. If Bluntz’s analysis is accurate, Solana could potentially experience a significant increase of over 90%.
Solana’s Recent Performance and Potential Recovery
Solana has experienced a significant decline in value, particularly following the collapse of the cryptocurrency exchange FTX. Compared to its all-time high of $259, Solana is currently priced at a 93% loss. However, in the past 24 hours, Solana has shown a slight increase of 0.8%. As of now, it is trading at $16.95.
