A closely followed analyst is predicting an imminent massive breakout for Ethereum (ETH) competitor Solana (SOL).
Pseudonymous analyst Bluntz tells his 256,800 followers on the social media platform X that SOL appears to be printing a bullish pattern on the four-hour chart, setting higher lows.
“SOL gearing up for a violent breakout here in my opinion.”
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Source: Bluntz/X
The trader also uses Elliott Wave theory, which states that a bullish asset often witnesses a fresh leg up after a three-part ABC correction. Looking at his chart, the trader suggests SOL completed the ABC correction after a retest of the $120 level.
Solana is trading for $159 at time of writing, up more than 3% in the last 24 hours.
Next up, the analyst says that
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