An analyst who was carefully released on the beginning of the Solana (SOL) correction this year turns up the original assets of the Layer-1 protocol.
The pseudonym for Bontz Blongz 317,700 of his followers on the social media platform X tells that he believes that the ETHEREUM (ETH) competitor seems to be mature for a great apostasy after losing about 64 % of its value from its highest level ever, which is $ 293, which he achieved in January this year.
According to Bluntz, SOL is filled with a bullish contrast to the daily chart, a reflection indication indicating that buying momentum is above and higher although the price of the original continues to decrease or move sideways.
“I started presenting some names to wear today, and a lot of divs printed on names like Sol, Hype + many names that have decreased mainly by -70 % + in a straight line even on large covers.
Certainly, do not share the idea that this is the “bottom”, but it is likely to wear a big opinion. “
Bluntz also believes that Solana will outperform Bitcoin (BTC) when the market holds a bid. According to the traders, the Solana chart versus the Bitcoin (SOL/BTC) seems to have completed ABC correction on the weekly chart, indicating that the husband may have been printed a local bottom.
“Sol/BTC no longer seems horrific then, in my opinion. Finally, in an area that can be purchased.”
Bluntz uses Elliott Wave theory in their analysis, which states that the original tends to watch a five -wave march after the completion of ABC correction.
At the time of writing this report, the Sol/BTC value is estimated at 0.00139 BTC, at a value of $ 105.
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