A extensively adopted crypto dealer is predicting that Solana (SOL) will resume shifting to the upside after a sudden retracement.
Pseudonymous analyst Bluntz tells his 228,600 followers on the social media platform X that Solana may soar by greater than 22% from its present worth.
Bluntz makes use of the Elliott Wave principle in his technical evaluation. The Elliott Wave principle states that the primary development of the worth of an asset strikes in a five-wave sample.
“Lastly obtained a pleasant three-wave correction on SOL four-hour, all of the late apes washed out.
I feel it’s prepared for the following leg up into $70 and nonetheless very a lot in a monster uptrend in opposition to BTC as nicely.”
The dealer additionally says that SOL is exhibiting bullish divergence on the relative energy index (RSI), a momentum indicator that merchants use to identify development continuation or reversal.
“LTF (low time-frame) divs. (divergence) once more, ship it.”
In line with the dealer, the same bullish divergence appeared on the RSI earlier this month that preceded Solana’s huge transfer from $38 to above $60.
The dealer stated at the moment,
“LTF divs. on SOL, gimme that sweep hopium.”
Solana soared to a excessive of $62.29 on November eleventh, earlier than dipping right down to $52.05 on November thirteenth. Solana is buying and selling for $57.28 at time of writing, a rise of 8.9% within the final 24 hours.
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