In 2018, crypto currency analyst Bluntz, who accurately predicted the bottom level for Bitcoin (BTC) and saw this prediction come to fruition, anticipates that the smart contract platform Sui (SUI) will make a significant rally in the future, potentially competing with Solana (SOL). The analyst indicates a sharp rise expectation for the altcoin.
Bluntz told his followers on social media platform X (formerly known as Twitter) that Sui’s native asset SUI could make a strong and influential rally after breaking out of its consolidation range. Sharing a chart indicating a potential increase of 122% from current prices, the analyst pointed out that the SUI/USD trading pair had been consolidating for months, but the SUI/BTC trading pair was still in the consolidation process and is expected to rise parabolically soon.
The basis for Bluntz’s rally prediction is the Elliott Wave Theory, an advanced technical analysis method that aims to predict future price movements by following crowd psychology. According to this theory, an asset in an uptrend is inclined to rally in a five-wave pattern.
Looking at the price chart shared by the analyst, it is predicted that SUI will rise to the $1.40 level before completing a five-wave uptrend. At the time this article was prepared, SUI was trading above the consolidation area mentioned by Bluntz, at a price of $0.6233.
Following SUI, Bluntz commented on Avalanche (AVAX), which has risen up to 100% in the last month, and said that the popular altcoin Solana (SOL) could follow in the footsteps of AVAX. Commenting on SOL, the analyst noted that SOL is currently trying to catch up with AVAX and is slightly behind, both share the same structure, but AVAX moves more sharply and swiftly, and added that Avalanche’s price chart offers a good perspective for the future of SOL.