An analyst who has accurately called the start of Solana’s correction (soil) this year turns upside down on the native asset of the layer 1 protocol.
Pseudonym analyst Bluntz told his 317,700 subscribers on the X social media platform that he believes that the Challenger Ethereum (ETH) seems ripe for a large rebound after losing around 64% of its value from its $ 293 summit, which it has reached this year in January.
According to Bluntz, floor flashes a bullish divergence on the daily graph, an inversion signal suggesting that the purchase of the momentum is increasing even if the price of an active continues to fall or move laterally.
“I started to bother some names to rebound today, many divs of bulls printed on names like soil, hype + many others which have essentially dropped by -70% + in a straight line, even on large caps.
Certainly do not subscribe to the idea that it is “the bottom”, but important rebounds are most likely in my opinion. »»
Bluntz also thinks that Solana will surpass Bitcoin (BTC) when the market grabs an offer. According to the trader, the Solana graphic against Bitcoin (ground / BTC) seems to have finished an ABC correction on the weekly graphic, suggesting that the pair can have printed a local background.
“Sol / BTC no longer looks horrible, in my opinion. Finally, in an area purchased.”
Bluntz uses Elliott waves theory in their analysis, which indicates that an asset tends to attend a five wave rally after completing an ABC correction.
At the time of writing, Sol / BTC is estimated at 0.00139 BTC, worth $ 105.
Follow us on X, Facebook and Telegram
Do not miss a beat-Subscribe to obtain alerts by e-mail delivered directly in your reception box
Check price action
Surf the daily Hodl mixture
& nbsp
Warning: Opinions expressed at Daily Hodl are not investment advice. Investors should make their reasonable diligence before making high-risk investments in bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk and that all the losses you may undergo are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, and the Daily Hodl is an investment advisor. Please note that the Daily Hodl is participating in affiliation marketing.
Image generated: Midjourney
