Bluntz, a crypto analyst known for his accurate prediction of Bitcoin’s 2018 low, recently took to X to make some mind-blowing revelations about Solana (SOL) price trajectory to his teeming followers.
Notably, Bluntz gave a precise price forecast for Bitcoin in 2018 when he projected $3,000 as bear market bottom. In his latest analysis, the crypto trader noted that he envisages that SOL will continue to outperform Bitcoin (BTC), the largest crypto by market cap.
Appearing seemingly confident about SOL’s potential to rip again, Bluntz noted that the SOL/USD chart is crucial, as he has been tracking it. He added that all indications from the chart appear to point to a potential 40% surge.
i think $SOL is about to rip again.— Bluntz (@Bluntz_Capital) December 6, 2023
most important chart ive been tracking is solbtc and looks like a nice clean abc done with 5 subwaves within the C.
USD pair is about to rip another 40% or so again in the coming days imo.
trading sol on bybit 👇https://t.co/zHX9WYRMOM pic.twitter.com/voaAoIfAdP
Explaining Bluntz’s Price Prediction
Bluntz’s price forecast idea was developed around Elliot’s wave theory. Notably, the theory was formulated around the appearance of recurring fractal wave patterns. The fractal wave patterns were based on the psychology of the masses.
For context, the Elliott wave theory gained prominence in the mid-1930s after Elliot applied it to accurately predict the stock market bottom in 1935 after a 13-month correction.
To interpret Elliot’s wave theory, five waves, which could either be moving in a bullish or bearish direction together with three corrective waves must be identified. Recognizing and analyzing these waves makes digital asset price predictions possible.
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Solana (SOL) in the Market
Just like every other cryptocurrency, SOL has been displaying remarkable market trends. According to CoinGecko, SOL registered an exceptional 464 5% increase in value in the past year.
Also, in the last month, SOL increased by an impressive 74.8%. It is changing hands at $77.32, reflecting an 8% price increase in the last 24 hours.
Solana (SOL) is currently the sixth largest crypto project by market cap. It boasts a $32,935,397,801 capitalization, a cap dominance of 1.899%, and a trading volume of $3,234,564,792.
Aside from trying to follow Bitcoin’s steps, it has been established that the expansion of Solana’s decentralized finance (DeFi) sector has been crucial in the coin’s spontaneous surge to remarkably high levels.
Notably, the instantaneous boom in Solana’s DeFi ecosystem has undoubtedly placed it among the top players in the DeFi space, as it now attracts more users due to its increasing real-world applications.