In a recent market analysis, a well-respected cryptocurrency strategist, recognized for accurately predicting Bitcoin’s 2018 bottom, has set his sights on Solana ($SOL), suggesting a potential bullish surge of over 40% that could propel the smart contract platform’s price above the $140 mark.
Shared with a substantial following of over 230,000 on the microblogging platform X (formerly Twitter), the analyst, known as Bluntz Capital, pointed out that Solana’s current downtrend has undergone extensive testing, rendering it unlikely to be considered bearish. Observing a distinctive “clear 3 wave move down from the highs looking corrective,” Bluntz Capital believes the last two weeks have marked an accumulation phase for Solana.
The price recovery of Solana follows a significant setback linked to the collapse of cryptocurrency exchange FTX, whose founder, Sam Bankman-Fried, was a prominent supporter of the Solana ecosystem. Recent legal developments saw Bankman-Fried found guilty on counts of wire fraud and money laundering.
Despite these challenges, Solana’s ecosystem has experienced growing adoption, exemplified by the Saga smartphone’s recent success. Initially facing sluggish sales, the smartphone sold out after a lucrative 30 million BONK token airdrop for each new owner, underscoring the platform’s resilience.
Over the past year, Solana’s price has exhibited remarkable growth, surging by over 320%, with a notable 30% increase in the last 30-day period. While the broader crypto market experienced a recent 4% downturn, Solana remains positioned for potential gains.
Solana, a smart contract platform, experienced a noteworthy recovery after the tumultuous collapse of cryptocurrency exchange FTX. The founder of FTX, Sam Bankman-Fried, a staunch supporter of Solana, faced legal troubles, with recent convictions on wire fraud and money laundering charges. Despite this association, Solana’s ecosystem has continued to thrive, witnessing increasing adoption.
One notable success story within Solana’s ecosystem is the Saga smartphone, which recently sold out. The surge in demand was fueled by a lucrative 30 million BONK token airdrop for each new owner of the phone. This move showcases the resilience and popularity of Solana’s ecosystem.
Over the past year, Solana’s price has exhibited impressive growth, surging over 320%. Even in the last 30 days, it recorded a commendable 30% increase. However, it faced a minor setback with a 4% decline amidst a broader market sell-off. Bluntz Capital’s analysis employs Elliott Wave theory, a methodology developed by Ralph Nelson Elliott in the 1920s. This theory, based on recurring fractal wave patterns, is rooted in the psychology of market participants.
Elliott Wave theory, renowned for predicting market trends, suggests a series of five waves in the direction of the main trend, accompanied by three corrective waves. Bluntz Capital’s analysis implies that Solana has completed a wave-two corrective phase and is now poised for a significant third wave rally.
Bluntz Capital’s price prediction is rooted in Elliott Wave theory, developed by Ralph Nelson Elliott in the 1920s. This theory, based on recurring fractal wave patterns and the psychology of market masses, involves five waves moving in the direction of the main market trend, complemented by three corrective waves. Smart Contracter’s analysis suggests that Solana has completed a wave-two corrective phase and is poised for a third wave rally.
Elliott Wave theory gained notoriety when Elliott himself accurately predicted the stock market bottom in 1935 after a 13-month correction. Bluntz Capital, previously renowned for predicting the end of the Bitcoin bear market in 2018 with a target of $3,200, demonstrates a consistent track record in cryptocurrency market analysis.
This optimistic forecast for Solana comes at a time when the platform has shown resilience amid challenges, further fueled by a robust ecosystem and a surge in user adoption. Investors and enthusiasts are now closely monitoring the unfolding market dynamics to gauge the potential realization of this bullish prediction.
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