The crypto-strategist who has been bullish about Solana.SOLThe Ethereum price has been falling for over a year.ETH) rival.
Bluntz, a pseudonymous social media analyst, tells 259,600 of his followers that Solana has completed a 5-wave rally in a recent video.
Bluntz uses the Elliott Wave Theory, which is a method of technical analysis that tries to forecast future price movements by using crowd psychology. This tends to be manifested in waves. According to this theory, an investment that has made a five wave upward movement will most likely experience a period of correction.
Since SOL reached its high in March, the analyst says that SOL has shown bearish trends.
We see that SOL has risen nicely in five waves from its bear market bottoms. Not only do we see that five-up, but from this fifth-wave high ($210) we can also see a five-wave decline, and now a three-wave move-up… And now we’ve started coming off again.
The wave has not increased in five. This has declined in waves. This is a time of struggle for SOL/USD. I think there’s an extremely high probability that it will end up as a lower macro high ($188). It may chop and eventually come down to take out the levels below.
The trader seems to be predicting that SOL could drop as low as $80. SOL currently trades for $165.
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