Renowned Trader Predicts Parabolic Rally for Solana Competitor – Unveils Upside Target

A seasoned analyst, known for accurately predicting the bottom of Bitcoin's 2018 bear market, foresees an impending substantial rally for a competitor of Solana (SOL)

Pseudonymous analyst Bluntz, followed by 231,700 users on the social media platform X, highlights the potential for strong rallies in the smart contract platform Sui (SUI) after its breakout from the accumulation phase.

Bluntz provides visual evidence with a chart depicting SUI's impressive 122% rise from its current price levels. The analyst notes a noteworthy month-long accumulation break in the SUI/USD pair. However, it's worth mentioning that the SUI/BTC pair is still in the accumulation phase. Bluntz shares the opinion that SUI may soon experience parabolic growth, emphasizing that it's an early-stage opportunity with significant potential.

Source: Bluntz/X

Bluntz employs the Elliott Wave theory, an advanced technical analysis approach that aims to forecast future price movements based on crowd psychology, often manifesting in distinct waves. According to this theory, a bullish asset typically experiences a five-wave rally.

Upon analyzing Bluntz's chart, it appears that he anticipates SUI reaching as high as $1.40 before concluding its five-wave surge. At the time of writing, SUI is valued at $0.63, still above the trader's accumulation range.

Regarding Solana, Bluntz speculates that SOL will follow a similar trajectory to Avalanche (AVAX), an altcoin that has surged over 90% this month. He notes that AVAX is currently outpacing SOL but observes identical structural patterns in both, offering insight into potential future developments.

Source: Bluntz/X

As of the current moment, Solana (SOL) is trading at $71.30.

Dec 13, 2023

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