Crypto Trader Predicts All-Time Highs for $SOL as Accumulation Phase Ends, Update On BTC & SEI
Mustafa Mulla16 Mar 20242 min read
A prominent cryptocurrency analyst, known for accurately calling the bottom of the 2018 bear market, has recently expressed optimism about Ethereum competitor Solana ($SOL). He believes that the “floodgates open soon” for the SOL, suggesting that it has been in a phase of vertical accumulation since hitting a low on January 23.
Bullish outlook for Solana
Bluntz Capital’s analysis suggests that Solana has been in a phase of accumulation since after falling below $80 in late January. Despite this initial dip, the cryptocurrency has proven resilient, currently trading at $191.5, marking an impressive 70% year-to-date increase.
According to the analysts, Solana appears to be intensifying its upward trend, which is evident from the bullish breakout observed from the ascending channel. Furthermore, he boldly announces the end of Solana’s vertical accumulation phase, indicating that it is expected to peak.
A key indicator of Solana’s strength is its outstanding performance compared to Bitcoin (SOL/BTC) and Ethereum (SOL/ETH), a testament to its volatility and potential in the current market environment
Bitcoin Aims for $80,000
The analyst also shares bullish sentiments for Bitcoin, using the Elliott Wave theory to predict a recent dip to $60,000 and a climb to around $80,000. Looking at the chart Elliott Wave theory suggests that Bitcoin mainly trends towards a five-wave pattern, with growth in the three-wave ABC model.
Notably, a sharp decline in open interest (OI) combined with neutral funding suggests that bitcoin may rise. As of now, Bitcoin is currently trading at $68,062, down 0.7% in the last 24 hours.
Sei Token Primed for Breakout
In addition to its bullish predictions for Solana and Bitcoin, Bluntz is also highlighting Sei (SEI), the native token of the layer-1 blockchain.
Bluntz Capital predicts a five-wave pattern breakout for Sei, which could push the price to $1.60. Right now, Sei Token is currently trading at $1.02, up 14% in the past 24 hours.
