A popular crypto analyst predicts that Solana (SOL), a rival to Ethereum (ETH), is about to experience a breakout that will surpass the performance of ETH and Bitcoin (BTC).
The analyst, known as Bluntz, tells his 225,000 followers on X that SOL is one of his top “alt picks” and is expected to see growth not only in USD but also against BTC (SOL/BTC) and ETH (SOL/ETH).
“SOL is still one of my favorite alt picks right now. The structure on the USD pair indicates an impulsive wave three underway, and its BTC and ETH pairs also show signs of accumulation breakouts on a high timeframe.”
Bluntz uses the Elliot Wave Theory in his technical analysis, which aims to predict price movements based on crowd psychology that manifests in waves. Based on his chart, the analyst suggests that SOL is currently in the midst of a five-wave impulse to the upside, with a potential peak around the $47 range before its next move.
When asked why he is focused on Solana, Bluntz explains that he is confident SOL will outperform BTC and ETH in the near future.
Looking at Bitcoin, the trader believes that BTC’s price action indicates more upward movement and that a dip to $32,000 is unlikely. He predicts that BTC will experience another upward impulse after consolidating within a bullish triangle pattern.
“The fact that BTC is accepting these levels after a strong breakout at $32,000 is quite bullish in my opinion. I don’t think we will retest $32,000 as many people missed the move and want that retest, but I don’t think the market will provide it. I expect this to likely end as a triangle and break higher.”
At the time of writing, Bitcoin is trading at $33,957.
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