A cryptocurrency analyst, who accurately foresaw the market’s bottom in 2018, is now focusing on Solana, foreseeing a price bottom for the cryptocurrency and identifying its next target after reaching it.
Solana To Rise Above $200 After Hitting This Bottom
In a Wednesday X (formerly Twitter) post, a crypto analyst identified as ‘Bluntz’ has highlighted a potential price bottom for Solana. Following up on the previous forecast on April 4, where he predicted that Solana would hit a bottom at or below $160 before pushing back up, Bluntz revealed in his new post that the next price bottom would be $162.
The crypto analyst anticipates that Solana’s price will hit a bottom at $162 before it begins to move higher, suggesting a possible bullish rebound for the cryptocurrency. Sharing several price charts illustrating Solana’s price movements between March and April 2024, Bluntz uses the Elliot wave theory as a technical pattern to guide his predictions.
The Elliott wave theory is a unique form of technical analysis which predicts price movements by observing and identifying recurrent long-term price patterns related to persistent changes in investor sentiment and psychology.
In his earlier post, Bluntz shared a price chart which indicated that Solana’s next leg up after hitting the predicted price bottom would be $224. He estimated the timeline for this significant surge, predicting that the cryptocurrency could jump to $224 before April 22.
Solana is now trading at $151. Chart: TradingView
Price Update On Solana (SOL)
Lately, the price of Solana has been on a major downward trend, recording double-digit losses for the past few weeks. At the time of writing the cryptocurrency is trading at a price of $151.15, marking a 12.32% decrease in the last 24 hours and a 13.93% drop in the past week, according to CoinMarketCap.
This continuous decline has been attributed to the congestion issues Solana’s network currently faces. Earlier in April, Solana had fallen victim to a network outage, resulting in about 75% of transactions on the network failing. This caused a major disruption in the blockchain’s operations, raising concerns among investors and the broader crypto community.
Following the blackout, the price of Solana plummeted significantly and has continued on a downward trend. Despite scheduling April 15 for a network resolution, the cryptocurrency’s value has not shown any positive response.
It’s also important to note that Solana’s current price has dropped way below the previously stipulated bottom of $162 predicted by Bluntz. The possibility of a bullish rebound for the cryptocurrency remains uncertain, as more doubts have been raised concerning the network’s ability to handle significant transaction volumes.
Featured image from Pexels, chart from TradingView
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Author: Scott Matherson
