An analyst who is widely respected and a trader who has a bullish outlook on Ethereum (ETH() rival that has increased by three digits within a half-year.
Bluntz, the analyst who goes by a pseudonym. tells Solana has 254,100 social media followers (X) on his platform.SOLWhen compared to the US dollar, it appears that has completed a brief bearish phase.
Bluntz who normally applies Elliott Wave Theory in his technical analyses says that Solana is now going to go up. “higher from here” The bearish three-wave pattern is complete.
According to the Elliott Wave Theory, the primary trend in the price movement of an asset follows a pattern of five waves while the corrections follow a pattern of three waves.
Solana has risen to $175 as of the time of this writing. This is a 722% increase from its low price of $21.27 in October 2023.
Bitcoin (BTC() the pseudonymous expert says On the 4-hour chart, Solana/Bitcoin is trending down while Relative Strength Index readings (RSIs) are trending up.
The RSI oscillator is a momentum indicator that can be used to identify oversold or overbought situations. Its values range between 0 and 100.
Bluntz’s chart also shows that Solana/Bitcoin completed a five-wave downward trending pattern, which was encapsulated within the last wave of a bearish three-wave pattern.
![](https://fxruhanahmed.com/2/wp-content/uploads/2024/04/1712928784_75_Altcoin-Thats-Exploded-Over-700-in-Six-Months-Gearing-Up.jpeg)
Solana currently trades at $70,236 (0.00243700 BTC) at the time this article was written.
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