A broadly adopted analyst and dealer is expressing bullish sentiment on an Ethereum (ETH) competitor that has soared by triple digits in half a 12 months.
The analyst pseudonymously referred to as Bluntz tells his 254,100 followers on the social media platform X that Solana (SOL) seems to have accomplished a short-term bearish section when paired in opposition to the US greenback.
Bluntz, who normally applies the Elliott Wave idea in his technical evaluation, says that Solana has bottomed out at round $162 and can now go “larger from right here” after finishing a three-wave bearish sample.
The Elliott Wave idea states that the principle development of the worth of an asset strikes in a five-wave sample whereas a correction happens in a three-wave sample.
Solana is buying and selling at $175 at time of writing, up by 722% from the low of $21.27 reached in October of 2023.
In opposition to Bitcoin (BTC), the pseudonymous analyst says that Solana is exhibiting a bullish divergence on the four-hour chart with the worth of Solana/Bitcoin trending downwards whereas the Relative Power Index (RSI) readings are trending upwards.
The RSI is a momentum oscillator sometimes used to find out oversold and overbought circumstances and its values vary from 0 to 100.
From Bluntz’s chart, it additionally seems that Solana/Bitcoin has accomplished a downward-trending five-wave sample that was encompassed inside the ultimate wave a three-wave bearish sample.
Solana is buying and selling at 0.00243700 BTC ($70,236) at time of writing.
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