- Solana (SOL) has recently experienced a significant downturn after a period of notable gains.
- Analysts predict that Ethereum (ETH) will outperform Bitcoin (BTC) in the near future.
- A popular meme coin, Pepe (PEPE), is expected to see substantial growth.
Discover the latest insights on Solana’s potential downturn, Ethereum’s promising outlook, and the rise of the Pepe meme coin in the crypto market.
SOL Coin Price Prediction: Is a Crash Imminent?
As the market starts the week on a cautious note, analysts are forecasting sharp movements for certain tokens. The analyst known as Bluntz suggests that Solana (SOL) may have completed a five-wave rally, indicating a potential corrective phase according to Elliott Wave theory. This theory posits that after a five-wave upward movement, an asset is likely to enter a corrective period. SOL reached a recent high of approximately $210 in March but has since been forming bearish patterns. Bluntz elaborates:
“We’ve seen a beautiful five-wave rise from the bear market lows in SOL. Not only have we seen this five-wave rise, but also a five-wave decline from the peak ($210) and now a three-wave rise… And now we’re starting to descend again. It didn’t rise in five waves. It declined in five waves. It’s starting to struggle here, so there’s a very high chance that this is a macro lower high for SOL/USD ($188), and it’s likely to break down from here.”
According to his chart, Bluntz predicts that SOL could drop to $80. At the time of writing, SOL was trading at $167.
Bluntz: ETH to Outperform BTC!
Bluntz is also closely watching the Ethereum/Bitcoin (ETH/BTC) pair on a bi-weekly chart. He believes that ETH/BTC is on the verge of a rare bullish divergence, suggesting that Ethereum will outperform Bitcoin. A bullish divergence can indicate reversal areas amidst rising momentum, even if the price is moving sideways or downwards. Bluntz targets the 0.1 BTC level (approximately $6,907), which is about 95% above the current ETH/BTC levels. He comments:
“ETH/BTC is only eight days away from recording its first bi-weekly bullish divergence since… ever. The target is clearly 0.1 BTC, but we could either fall short or exceed it.”
PEPE: The “Golden Child” of Meme Coins!
Lastly, Bluntz is bullish on the frog-themed meme coin Pepe (PEPE), which he considers the best-looking major coin outside of Ethereum. As ETH/BTC bottoms out and regains traction, Bluntz believes Pepe will continue to be the “golden child” of meme coins and rise higher than many expect. He shares:
“It seems like PEPE is the best-looking meme coin among the major ones. With ETH/BTC likely bottoming out (in my opinion), I think it will continue to be the golden child meme and probably rise higher than many anticipate. But at the end of the day, we’re all speculating here.”
Conclusion
In summary, while Solana may face a significant downturn, Ethereum is poised to outperform Bitcoin, and the Pepe meme coin is expected to see substantial growth. Investors should keep a close eye on these developments to navigate the volatile crypto market effectively.
