Crypto analyst Bluntz, a well-known figure in the crypto community, stated that the correction of Solana (SOL) has ended and that the altcoin, considered as Ethereum’s (ETH) strongest competitor, will continue its strong rally. The analyst’s comments and the target level he expects for SOL have been shared.
An anonymous crypto analyst, Bluntz, mentioned in his latest strategy session for his YouTube subscribers that SOL has completed its ABC correction and is preparing for a new rally. The analyst’s prediction is based on the Elliott Wave Theory, which attempts to predict price movements through fluctuations by leveraging crowd psychology. Traditionally, the Elliott Wave theory assumes that price movements will occur within five waves after the three-wave “ABC” corrections.
According to Bluntz, the current correction in SOL has ended, and a new upward movement will follow. The analyst believes that Solana will enter the next cycle of the cryptocurrency market as the “fastest horse” and will show more strength against Bitcoin (SOL/BTC trading pair) in the short term.
Bluntz emphasized that Solana is targeting above $80 until the completion of the current five-wave upward movement. Looking at the price chart shared by the analyst, it can be seen that SOL is expected to surpass $80 by a significant margin.
The analyst noted that one could start worrying once the current structure is completed and the fifth of the five waves is observed, but there is no reason to worry until then. When looking at it on a daily basis, he stated that there is still a lot of fuel in the tank and that it is likely to break above $80 in the next wave. A reassessment will be made once that level is reached.