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Home Altcoin

Analyst Says ‘Flood Gates Are Open’ for Altcoin That’s up 10x in Six Months, Updates Outlook on Bitcoin and Sei

n70products by n70products
March 17, 2024
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A broadly adopted cryptocurrency analyst and dealer is remaining bullish on one red-hot Ethereum (ETH) competitor.

The analyst pseudonymously generally known as Bluntz tells his 248,700 followers on social media platform X that Solana (SOL) has much more upside potential after hovering 10x since September.

“SOL vertical accumulation has ended. Flood gates are open and the channel damaged. All-time highs in sight.”

Image
Supply: Bluntz/X

Wanting on the dealer’s chart, he means that Solana’s upward momentum is strengthening after a bullish breakout from an ascending channel.

Solana is buying and selling for $179.56 at time of writing, up greater than 5% within the final 24 hours. Solana hit an all-time excessive of $259.96 in November 2021.

The dealer additionally says that one other massive motive to stay bullish on Solana is that it’s outperforming in opposition to each Bitcoin (SOL/BTC) and Ethereum (SOL/ETH).

“SOL/BTC and SOL/ETH already placing in new highs. There is no such thing as a second finest.”

Image
Supply: Bluntz/X

Subsequent up, the dealer uses the Elliott Wave concept to foretell that Bitcoin is heading to round $80,000 after the latest dip to the mid-$60,000 degree.

The Elliot Wave concept states that the primary development of the worth of an asset strikes in a five-wave sample whereas a correction takes place in a three-wave ABC sample.

“Good divs on BTC right here into an ABC retest of prior all-time excessive with 5 waves accounted for throughout the C. Open Curiosity nuked and funding flat and again to impartial. ship it.”

Image
Supply: Bluntz/X

Wanting on the dealer’s one-hour chart, he means that Bitcoin has accomplished a corrective ABC wave and is about to start a five-wave transfer up.

Bitcoin is buying and selling for $68,262 at time of writing, down 3.7% within the final 24 hours.

Lastly, the dealer says that the native token of the layer-1 blockchain Sei (SEI) is on the verge of breaking out in a five-wave sample to as excessive as $1.60.

“SEI has been a sluggish burn this week, however lastly appears to be like prepared in my view. Subsequent impulse up about to start out in my view.”

Image
Supply: Bluntz/X

Sei is buying and selling for $1.06 at time of writing, up greater than 24% within the final 24 hours.

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