A dealer who nailed the ground value of Bitcoin (BTC) in the course of the 2018 bull market believes Solana (SOL) and Polygon (MATIC) are about to witness bursts to the upside.
Pseudonymous analyst Bluntz tells his 229,100 followers on the social media platform X that Solana appears able to rally after pulling again to final week’s low of $54.78.
In accordance with the dealer, final week’s correction set the stage for Solana to print a brand new 2023 excessive.
“SOL looking like a series of 1-2s from the lows on low time frames. The next leg up should hopefully take us up to $80 and beyond.”
Bluntz practices Elliott Wave concept, a sophisticated technical evaluation technique that makes an attempt to foretell future value motion by following crowd psychology which tends to manifest in waves. In accordance with the speculation, a bullish asset goes via a five-wave rally with every main wave consisting of its personal 5 sub-waves.
Wanting on the dealer’s chart, he appears to foretell that SOL will initially rally to about $70 and then $82.50. At time of writing, SOL is buying and selling for $59.66.
Subsequent up is MATIC, the native asset of the Ethereum (ETH) scaling answer Polygon. In accordance with Bluntz, MATIC appears bullish after respecting a key assist stage whereas printing a bullish divergence on the hourly timeframe.
A bullish divergence is historically seen as a reversal sign because it means that bulls are gaining momentum although the asset’s value is making new lows.
“MATIC gearing up for a possible 20% push into new highs for my part.
Top chart is the low time-frame. The underside is day by day. Had a pleasant 0.38 Fibonacci retest. Appears like a three-wave transfer down and received some good [bullish] divergence on the lows.”
Wanting on the dealer’s chart, he appears to foretell that MATIC will rally to $1. At time of writing, MATIC is value $0.844.
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