An analyst known for making timely crypto calls believes that a rival to Ethereum (ETH) is now forming a market bottom.
Pseudonymous analyst Bluntz tells his 337,200 followers on X that Solana (SOL) is likely completing a three-wave correction and could soon enter a long-term bullish phase.
Bluntz applies Elliott Wave Theory, which states that a bullish asset tends to experience a five-wave rally after undergoing an ABC correction.
“Anyone who isn’t a tourist and has witnessed multiple cycles knows that this is an incredible long-term SOL entry. For the record, the reason I post SOL more than anything else is, in my opinion, it’s the clearest picture of each coin. Nothing else even comes close to the very obvious five up and down on the week, other than maybe (Strategy) MSTR.”
Looking at its three-day chart, the analyst suggests that Solana is around the $87 level and could reach $450 by mid-2027.
Analytics firm Santiment also claims that Solana may have hit a market bottom after a massive amount of investments were withdrawn from SOL’s exchange-traded funds (ETFs).
“Solana ETFs have quietly seen outflows of -$11.9 million, the second largest outflow movement on record. Over the past four months, SOL has lost -62% of its market capitalization, and it appears traders are getting closer to capitulation. Large outflows are historically a signal of substance.”
Solana is trading at $83 at the time of writing, down 5.4% in the last 24 hours.
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