‘Absolutely Abysmal’ – Top Trader Warns Solana Looking Horrid, Says SOL Forming Top Against Bitcoin
A extensively adopted cryptocurrency analyst and dealer is popping bearish on Ethereum (ETH) competitor Solana (SOL).
The analyst pseudonymously often known as Bluntz tells his 273,500 followers on social media platform X that SOL towards Bitcoin (SOL/BTC) might quickly plummet in worth.
“SOL/BTC on weekly seems horrid, legit seems correct topped out to me with the complacency shoulder and every little thing. Nonetheless exhausting to name tops in the marketplace right here although.
I may see a world the place SOL/BTC has topped as a result of cash begins lastly rotating into ETH albeit taking that view has been a legit psychological sickness all cycle.
Robust to have sturdy conviction in course right here however I do know one factor, this chart seems completely abysmal.”
He makes use of the Elliott Wave principle, which makes an attempt to forecast worth actions based mostly on crowd psychology that’s manifested in waves. The Elliott Wave principle means that worth impulses occur in 5 waves after three-wave “ABC” corrections. Looking at his chart, the analyst suggests SOL/BTC is beginning to kind a corrective C wave and the pair may drop under 0.0015 BTC ($89.21).
SOL/BTC is buying and selling for 0.0022875 BTC ($135.68) at time of writing.
Nevertheless, different crypto analysts are bullish on SOL.
Pseudonymous crypto dealer Kaleo tells his 645,400 followers on the social media platform X that SOL could also be gearing up for a large breakout after testing decrease help ranges.
“Nearly there.”
Looking at his chart, the analyst suggests Solana might backside after dipping under $129 after which rally to $220.
In the meantime, pseudonymous dealer and analyst Cheds tells his 334,600 followers on the social media platform X that Solana has entered a worth stage that’s traditionally engaging to patrons and will quickly bounce larger.
“SOL back to daily demand zone.”
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