An analyst renowned for accurate crypto predictions believes that a competitor of Ethereum (ETH) is currently establishing a market floor.
The pseudonymous analyst Bluntz informs his 337,200 followers on X that Solana (SOL) is potentially finishing a three-wave correction and could soon enter a bullish phase for the long term.
Bluntz follows the Elliott Wave theory, which suggests that a bullish asset typically experiences a five-wave rally following an ABC correction.
“Anyone with experience in multiple cycles knows that this is a fantastic long-term entry point for SOL. In my opinion, SOL is the clearest coin in terms of technical analysis, with a very evident five-wave uptrend and ABC correction on the weekly chart.”
Based on his analysis of the three-day chart, the analyst suggests that Solana is stabilizing around the $87 mark and could potentially reach $450 by mid-2027.
The analytics firm Santiment also notes that Solana may have hit a market bottom after a significant amount of funds were withdrawn from SOL’s exchange-traded funds (ETFs).
“Solana ETFs experienced outflows of -$11.9M, the second largest movement of funds out of the ETFs. Over the past four months, SOL has lost -62% of its market capitalization, indicating that traders may be nearing capitulation. Historically, major outflows have signaled a market bottom.”
As of the time of writing, Solana is trading at $83, reflecting a 5.4% decline in the last 24 hours.
Follow us on X, Facebook and Telegram
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Generated Image: Midjourney