An anonymous crypto analyst, Bluntz, who accurately predicted the bottom of Bitcoin‘s 2018 bear market, has made a bold forecast for Solana (SOL) in 2023. Bluntz believes SOL is poised for a sharp upward movement, indicating that the altcoin is ready for a parabolic rally after a period of consolidation.
Bluntz shared on social media that Solana appears to be forming a bullish reversal pattern on its hourly chart. He suggests that SOL is exhibiting a rounded bottom formation and wouldn’t be surprised to see some sideways action on a higher time frame before the next parabolic leg up.
Currently trading well above its formation support, Bluntz expects a short-term rally for SOL, the fifth-largest altcoin by market value. He emphasizes that SOL has made a significant move from its lowest levels and predicts an impending move towards new highs.
Following Solana, Bluntz turns his attention to Sei (SEI), a new Layer 1 Blockchain. After SEI’s approximately 400% rally in just a few months, Bluntz highlights it as one of the fastest runners of this cycle and advises that it should definitely be on everyone’s radar for potential pullbacks in 2024.
The last altcoin on the investor’s radar is Lido DAO (LDO), a crypto project aimed at allowing users to stake Ethereum (ETH) without locking up assets or maintaining infrastructure. Bluntz notes that LDO is showing a bullish signal in its Bitcoin trading pair (LDO/BTC) and seems ready for a significant breakout in its USD trading pair.
While Bluntz admits to having a love/hate relationship with LDO, he believes it is finally on the verge of price discovery, with a bullish breakout on the weekly timeframe in its Bitcoin trading parity.