A Trader’s Forecast for Solana (SOL)
A trader with a successful track record, who accurately predicted the floor price of Bitcoin (BTC) during the 2018 bull market, now believes that Solana (SOL) is poised for an upward surge. Pseudonymous analyst Bluntz, with a following of 229,100 on the social media platform X, suggests that Solana is showing signs of readiness for a rally after pulling back to last week’s low of $54.78.
Applying Elliott Wave theory, an advanced technical analysis method based on crowd psychology manifesting in waves, Bluntz indicates that SOL is forming a series of 1-2s on low time frames. According to his analysis, the correction from last week sets the stage for Solana to achieve a new 2023 high. He anticipates the next leg up to potentially reach $80 and beyond.
Examining the trader’s chart, the initial rally for SOL is predicted to reach approximately $70 and then extend further to $82.50. As of the latest update, SOL is currently trading at $59.66.
Outlook for Polygon (MATIC)
Turning attention to Polygon (MATIC), the native asset of the Ethereum (ETH) scaling solution, Bluntz suggests a bullish outlook for MATIC. He notes that MATIC appears bullish after respecting a key support level and exhibiting a bullish divergence on the hourly timeframe.
A bullish divergence is traditionally viewed as a reversal signal, indicating that bulls are gaining momentum despite the asset’s price making new lows.
Bluntz expresses his opinion, stating, “MATIC is gearing up for a potential 20% push into new highs. The low timeframe chart shows a nice 0.38 Fibonacci retest, a three-wave move down, and significant bullish divergence at the lows.”
Based on the trader’s chart, the forecast for MATIC is a rally to $1. As of the latest update, MATIC is currently valued at $0.844.
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