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April 12, 2024
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Solana Price Analysis: SOL Price Poised For 100% Rally, Here’s When?

The post Solana Price Analysis: SOL Price Poised For 100% Rally, Here’s When? appeared first on Coinpedia Fintech News

Renowned analyst Bluntz, known for his accurate predictions, recently shared some intriguing insights with his 223,000 Twitter followers regarding the potential growth of Solana (SOL), a prominent rival to Ethereum. Bluntz suggests that SOL could experience a significant surge, potentially doubling in value. Additionally, the analyst identifies a bullish signal for Bitcoin.

According to Bluntz’s analysis, Solana has completed a three-wave Elliott wave correction pattern and rebounded from a major support level. The Elliott Wave Theory suggests that market trends follow a five-wave pattern, while corrections exhibit a three-wave pattern. Based on this analysis, Bluntz proposes that SOL has the potential to grow by 100%. Currently trading at around $17.03, the cryptocurrency would need to reach approximately $34.06 to fulfill this prediction.

Bluntz specifically mentions Solana, which has a market capitalization of $6.8 billion, as one of the altcoins he finds promising. Solana employs a hybrid consensus-building model, combining Proof of History (PoH) and Proof of Stake (PoS), with the aim of enhancing scalability and facilitating the development of decentralized applications (dApps).

Bitcoin Price

Shifting focus to Bitcoin, Bluntz identifies a bullish signal on its daily chart. He observes a downtrend/bull flag breakout, indicating a potential resumption of the previous upward trend. Based on this finding, Bluntz suggests that it may be a favorable time to take on more investment risks in relation to Bitcoin.

Bitcoin, which recently recovered from a dip to around $24,700 triggered by regulatory concerns and conflicts with centralized exchanges, is currently valued above $30,000.

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