Ethereum

Solana

<div class="dailyhodl">
 <p>A widely followed analyst and trader is expressing bullish sentiment on an Ethereum (ETH) competitor that has soared by triple digits in half a year.</p>
 <p>The analyst pseudonymously known as Bluntz tells his 254,100 followers on the social media platform X that Solana (SOL) appears to have completed a short-term bearish phase when paired against the US dollar.</p>
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 <p>Bluntz, who usually applies the Elliott Wave theory in his technical <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a>, says that Solana has bottomed out at around $162 and will now go “higher from here” after completing a three-wave bearish pattern.</p>
 <p>The Elliott Wave theory states that the main trend of the price of an asset moves in a five-wave pattern while a correction occurs in a three-wave pattern.</p>
 <figure id="attachment_190710" aria-describedby="caption-attachment-190710" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="wp-image-190710 size-full" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GK1ahXRaIAAyDL3?format=jpg&amp;name=small" alt="" width="1063" height="499">
  <figcaption id="caption-attachment-190710" class="wp-caption-text">
   Source: Bluntz/X
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 </figure>
 <p>Solana is trading at $175 at time of writing, up by 722% from the low of $21.27 reached in October of 2023.</p>
 <p>Against Bitcoin (BTC), the pseudonymous analyst says that Solana is exhibiting a bullish divergence on the four-hour chart with the price of Solana/Bitcoin trending downwards while the Relative Strength Index (RSI) readings are trending upwards.</p>
 <p>The RSI is a momentum oscillator typically used to determine oversold and overbought conditions and its values range from 0 to 100.</p>
 <p>From Bluntz’s chart, it also appears that Solana/Bitcoin has completed a downward-trending five-wave pattern that was encompassed within the final wave a three-wave bearish pattern.</p>
 <figure id="attachment_190710" aria-describedby="caption-attachment-190710" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="wp-image-190710 size-full" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GK1aTSRbIAIvLXb?format=jpg&amp;name=900x900" alt="" width="1063" height="499">
  <figcaption id="caption-attachment-190710" class="wp-caption-text">
   Source: Bluntz/X
  </figcaption>
 </figure>
 <p>Solana is trading at 0.00243700 BTC ($70,236) at time of writing.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/altcoin-that-s-exploded-over-700-in-six-months-gearing-up-for-the-next-leg-higher-says-top-crypto-analyst-tbt85186.html">https://thebittimes.com/altcoin-that-s-exploded-over-700-in-six-months-gearing-up-for-the-next-leg-higher-says-top-crypto-analyst-tbt85186.html</a></p>

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