A prominent cryptocurrency analyst has indicated that Solana (SOL), a key competitor to Ethereum in the smart contract platform space, might be setting the stage for another significant upward movement. Senior crypto analyst Bluntz shared with followers on the social media platform X that Solana seems to be currently undergoing an ABC correction model.
Anticipation of a Potential Surge in SOL price
Bluntz employs the Elliott Wave theory in his technical analysis, a methodology aiming to forecast future price movements based on crowd psychology manifested in waves. According to this theory, a token on an upward trend typically experiences an ABC correction wave before initiating the subsequent rise. The senior analyst articulated the following:
“I love seeing the obituaries of SOL. I can’t wait to see the 20 million protected tweets vaguely implying they called it when SOL returned to $140.”
Solana was trading at $104.2 when the article was written, after starting the year trading below $10.
Despite Solana (SOL) retracing from its recent peak of approximately $124 to $113, the analyst remained optimistic about its bullish outlook. While SOL temporarily dipped below $100, the senior crypto analyst continued to express confidence, foreseeing the cryptocurrency eventually reaching new local peaks.
