Previously accurate with his predictions for Bitcoin, analyst Bluntz has made new forecasts that will excite investors regarding Solana (SOL). Bluntz predicts that even though Bitcoin continues to lead the market, SOL will outperform Bitcoin in terms of performance.
Bluntz indicates the SOL/USD chart is very important and according to his analysis, SOL could show an increase of about 40 percent. His analysis is based on the Elliott wave theory and takes into account the psychology of market participants.
The Elliott wave theory, which accurately predicted the stock market bottom in 1935, has gained significance since then. This theory is based on five-wave movements which are crucial for predicting cryptocurrency prices.
At the beginning of 2023, Solana gained value along with Bitcoin’s rise and experienced significant fluctuations in the market, similar to other altcoins. SOL displayed an increase in value by 464 percent since the beginning of the year, and just last month, it experienced a rise of 74.8 percent.
It is reported that Solana is the sixth-largest crypto project by market value, with a market capitalization of approximately 31 billion dollars. Moreover, the incredible activity in Solana’s DeFi ecosystem and its growth in real-world applications position it as one of the leading projects in the DeFi space.