Solana (SOL) Predicted to Surge by 40%, Analyst Claims
Date: 2024-01-19 Author: Dima Zakharov Categories: BLOCKCHAIN
Analyst Predicts 40% Price Surge for Solana
Cryptocurrency enthusiasts are buzzing with excitement as a well-respected crypto analyst, Bluntz Capital, has made a bullish prediction for Solana (SOL). Known for their past accurate predictions, Bluntz Capital took to their microblogging platform with over 230,000 followers to share their insights. According to them, Solana may be gearing up for a significant price surge, as its current downtrend has been tested too many times to be considered bearish.
Recent Developments
Solana's price recently experienced a sharp recovery following the collapse of the cryptocurrency exchange FTX. The exchange's founder, Sam Bankman-Fried, faced legal troubles, and his association with Solana negatively impacted the token and its ecosystem. However, Solana's ecosystem is growing, with its Saga smartphone, which previously had sluggish sales, recently being sold at a favorable price of 30 million BONK tokens to each new phone owner.
Impressive Growth
Over the past year, the price of the smart contract platform has surged by over 320%, with a 30% increase in the last 30 days. While it did recently lose 4% of its value amid a broader cryptocurrency market sell-off, the overall growth trend remains impressive.
Elliot Wave Theory
Bluntz Capital's price forecast relies on Elliot Wave Theory, a technical analysis approach developed by Ralph Nelson Elliot in the 1920s. This theory identifies repeating fractal wave patterns based on mass psychology, consisting of five impulse waves in the direction of the primary market trend and three corrective waves. These patterns, when recognized, allow for price movement predictions.
Historical Accuracy
Bluntz Capital gained notoriety in June 2018 when they predicted the end of the bear market, during which Bitcoin's price dropped from a record high of around $20,000 to $3,200. Their forecast was remarkably accurate, as Bitcoin reached the predicted level in December of the same year.
Conclusion
As Solana continues to gather attention and analysts like Bluntz Capital make bold predictions, the cryptocurrency market remains a space filled with both excitement and volatility. Investors will eagerly await whether Solana can fulfill these optimistic expectations and realize the projected 40% surge in value.
