Analyst Says ‘Flood Gates Are Open’ for Altcoin That’s up 10x in Six Months, Updates Outlook on Bitcoin and Sei
A widely followed cryptocurrency analyst and trader is remaining bullish on one red-hot Ethereum (ETH) competitor.
The analyst pseudonymously known as Bluntz tells his 248,700 followers on social media platform X that Solana (SOL) has a lot more upside potential after soaring 10x since September.
“SOL vertical accumulation has ended. Flood gates are open and the channel broken. All-time highs in sight.”
Looking at the trader’s chart, he suggests that Solana’s upward momentum is strengthening after a bullish breakout from an ascending channel.
Solana is trading for $179.56 at time of writing, up more than 5% in the last 24 hours. Solana hit an all-time high of $259.96 in November 2021.
The trader also says that another big reason to remain bullish on Solana is that it is outperforming against both Bitcoin (SOL/BTC) and Ethereum (SOL/ETH).
“SOL/BTC and SOL/ETH already putting in new highs. There is no second best.”
Next up, the trader uses the Elliott Wave theory to predict that Bitcoin is heading to around $80,000 after the recent dip to the mid-$60,000 level.
The Elliot Wave theory states that the main trend of the price of an asset moves in a five-wave pattern while a correction takes place in a three-wave ABC pattern.
“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.”
Looking at the trader’s one-hour chart, he suggests that Bitcoin has completed a corrective ABC wave and is about to begin a five-wave move up.
Bitcoin is trading for $68,262 at time of writing, down 3.7% in the last 24 hours.
Lastly, the trader says that the native token of the layer-1 blockchain Sei (SEI) is on the verge of breaking out in a five-wave pattern to as high 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 trading for $1.06 at time of writing, up more than 24% in the last 24 hours.
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