A widely followed crypto trader says one Ethereum (ETH) rival that performed extremely well last year is on the verge of another massive rally.
Pseudonymous analyst Bluntz tells his 235,200 followers on the social media platform X that Solana (SOL) could increase nearly 47% from its current value.
“SOL gearing up for the run to new highs. One does not simply fade a 35% liquidation dump in the strongest uptrend of all the top 10 coins in a bull run.”
Bluntz utilizes the Elliott Wave theory in his technical analysis. The Elliott Wave theory states that the main trend of the price of an asset moves in a five-wave pattern while the correction happens in a three-wave pattern.
Looking at his chart, the trader suggests Solana is in the process of printing a five-wave pattern to the upside that will cause SOL to cross the $145 level.
Solana is trading for $98.70 at time of writing, down nearly 7% in the last 24 hours.
Next up, the trader predicts that the newer layer-1 blockchain project Sei Network (SEI) could soon hit the $1 level after completing a three-wave correction.
“Even though it’s starting to go parabolic, all dips are constantly three-wave moves down with no signs of slowing down yet. $1 feels programmed at this point.”
SEI is trading for $0.72 at time of writing, down nearly 8% in the last 24 hours.
Lastly, the trader believes a breakout is incoming for Lido DAO (LDO), a crypto project that aims to allow users to stake Ethereum without locking assets or maintaining infrastructure. He also says LDO is making gains against Bitcoin (LDO/BTC).
“I have a love/hate relationship with LDO but I think it’s finally going for the price discovery breakout. There’s also weekly bullish divergence on the BTC pair.”
Looking at the trader’s chart, he suggests that LDO is about to take out the key resistance level at $3.17, and its value against Bitcoin could soon soar to 0.000140 BTC ($6.16).
LDO/BTC is trading for 0.00007549 BTC ($3.32) at time of writing.
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The post Ethereum Rival Gearing Up for a Run to New Highs, Says Top Crypto Analyst Who Nailed 2018 Bitcoin Bottom appeared first on The Daily Hodl.
