A prominent crypto analyst known for accurately predicting the bottom of the 2018 bear market recently expressed optimism about Ethereum competitor Solana ($SOL). He believes the “floodgates will open soon” for SOL, suggesting that SOL has entered a phase of vertical accumulation since its January 23rd low.
Bullish outlook on Solana
Solana has entered an accumulation phase after falling below $80 in late January, according to analysis by Brandts Capital. Despite this initial decline, the cryptocurrency has proven resilient and is currently trading at $191.5, marking an impressive 70% increase since the beginning of the year.
Analysts say that Solana appears to be in a stronger uptrend, as evidenced by the bullish breakout observed from the ascending channel. Additionally, he boldly announced the end of Solana's vertical accumulation phase and indicated that it is expected to reach its peak.
An important indicator of Solana's strength is Superior performance compared to Bitcoin (SOL/BTC) and Ethereum (SOL/ETH) are a testament to their volatility and potential in the current market environment.
Bitcoin aims for $80,000
The analyst also shares his bullish sentiment on Bitcoin, using Elliott Wave Theory to predict a recent decline to $60,000 and a rise to around $80,000. Looking at the chart, Elliott Wave Theory suggests that Bitcoin primarily trends towards his 5 wave pattern and grows in his ABC model of 3 waves.
In particular, a sharp decline in open interest (OI) and neutral funding suggest that Bitcoin could move higher. Bitcoin is currently trading at $68,062, down 0.7% over the past 24 hours.
Sei Token ready for breakout
In addition to his bullish predictions for Solana and Bitcoin, Bluntz also focuses on Sei (SEI), the layer 1 blockchain's native token.
Blunts Capital predicts that a breakout of Sei’s 5-wave pattern could push the price to $1.60. SeiToken is currently trading at $1.02, up 14% in the past 24 hours.
