Analyst Says ‘Flood Gates Are Open’ for Altcoin That’s up 10x in Six Months, Updates Outlook on Bitcoin and Sei
A broadly adopted cryptocurrency analyst and dealer is remaining bullish on one red-hot Ethereum (ETH) competitor.
The analyst pseudonymously often called Bluntz tells his 248,700 followers on social media platform X that Solana (SOL) has much more upside potential after hovering 10x since September.
“SOL vertical accumulation has ended. Flood gates are open and the channel broken. All-time highs in sight.”
Wanting on the dealer’s chart, he means that Solana’s upward momentum is strengthening after a bullish breakout from an ascending channel.
Solana is buying and selling for $179.56 at time of writing, up greater than 5% in the final 24 hours. Solana hit an all-time excessive of $259.96 in November 2021.
The dealer additionally says that one other huge purpose to stay bullish on Solana is that it’s outperforming in opposition to each Bitcoin (SOL/BTC) and Ethereum (SOL/ETH).
“SOL/BTC and SOL/ETH already putting in new highs. There is no second best.”
Subsequent up, the dealer uses the Elliott Wave principle to foretell that Bitcoin is heading to round $80,000 after the latest dip to the mid-$60,000 degree.
The Elliot Wave principle states that the primary development of the value of an asset strikes in a five-wave sample whereas a correction takes place in a three-wave ABC sample.
“Nice divs on BTC here into an ABC retest of prior all-time high with five waves accounted for within the C. Open Interest nuked and funding flat and back to neutral. send it.”
Wanting on the dealer’s one-hour chart, he means that Bitcoin has accomplished a corrective ABC wave and is about to start a five-wave transfer up.
Bitcoin is buying and selling for $68,262 at time of writing, down 3.7% in the final 24 hours.
Lastly, the dealer says that the native token of the layer-1 blockchain Sei (SEI) is on the verge of breaking out in a five-wave sample to as excessive as $1.60.
“SEI has been a slow burn this week, but finally looks ready in my opinion. Next impulse up about to start in my opinion.”
Sei is buying and selling for $1.06 at time of writing, up greater than 24% in the final 24 hours.
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