Crypto Analyst Warns of Bearish Signals for Solana
A crypto analyst renowned for accurately predicting Bitcoin’s price floor in the 2018 bear market is now expressing bearish sentiments about Solana (SOL). The pseudonymous analyst, known as Bluntz, shares insights with his 239,000 followers on the social media platform X, highlighting multiple bearish signals on Solana’s daily chart following a recent rally to a seven-day high of approximately $106.
Bluntz, who practices the Elliott Wave theory, suggests that Solana may experience a decline of over 10% from its current levels before finding support and resuming its uptrend. He notes the presence of a bearish Swing Failure Pattern (SFP) and identifies a completed five-wave rally, indicating an imminent three-wave corrective period.
Examining the high time frame (HTF) structure, Bluntz remains optimistic but warns of a potential pullback into the high $80s. The Elliott Wave theory, based on crowd psychology manifested in waves, predicts a five-wave surge for bullish assets followed by a three-wave corrective phase.
Solana Competitor Sei (SEI) and Future Surge
Bluntz also analyzes the price action of Solana’s competitor, Sei (SEI). According to him, SEI has completed an ABC correction on the four-hour chart and is poised for a significant surge. “SEI has been vertically accumulating for a week. Send it to $1 post haste,” he suggests. As of now, SEI is trading at $0.692.
Predictions for Meme Asset Dogwifhat (WIF)
Lastly, Bluntz predicts potential rallies for the meme asset Dogwifhat (WIF). He believes that WIF has concluded its consolidation phase and is prepared for substantial upward movements. “Imagine thinking the WIF trade is over and not thinking it goes up and to the right.” Currently, WIF is trading at $0.282, with an upside potential of nearly 400% if it reaches the analyst’s target of $1.40.
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