Ethereum

Solana

<div class="dailyhodl">
 <p>A closely followed crypto strategist who’s been bullish on Solana (SOL) for the past year is suddenly flipping bearish on the Ethereum (ETH) rival.</p>
 <p>In a new video, pseudonymous analyst Bluntz tells his 259,600 followers on the social media platform X that Solana appears to have completed a five-wave rally.</p>
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 <p>Bluntz practices the Elliott Wave theory, a technical <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> approach that attempts to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, an asset that has completed a five-wave upside move will likely witness a corrective period.</p>
 <p>According to the analyst, SOL has been printing bearish patterns ever since rallying to its recent high of about $210 in March.</p>
 <p><em>“We see a nice five-wave rise here on SOL from the bear market lows. Not only do we see that five-up, but from this fifth-wave high ($210) we can also see a five-wave decline, and now a three-wave move-up… And now we’ve started coming off again.</em></p>
 <p><em>This has not risen in five waves. It’s declined in five waves. It’s starting to struggle here so I do think that there’s a really, really high chance that this is going to end up being a macro lower high ($188) for SOL/USD and that this will probably chop around and ultimately come down and take out these levels down here.”</em></p>
 <figure id="attachment_290203" aria-describedby="caption-attachment-290203" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="wp-image-290203 size-full" src="https://cdn.thebittimes.com/images/2024/05/27/6dbfb8828ee5195a5b8f61d537198abc.webp" alt="" width="1007" height="866" srcset="https://cdn.thebittimes.com/images/2024/05/27/6dbfb8828ee5195a5b8f61d537198abc.webp 1007w, https://cdn.thebittimes.com/images/2024/05/27/6dbfb8828ee5195a5b8f61d537198abc.webp?resize=300,https://cdn.thebittimes.com/images/2024/05/27/6dbfb8828ee5195a5b8f61d537198abc.webp 300w, https://cdn.thebittimes.com/images/2024/05/27/6dbfb8828ee5195a5b8f61d537198abc.webp?resize=768,https://cdn.thebittimes.com/images/2024/05/27/6dbfb8828ee5195a5b8f61d537198abc.webp 768w, https://cdn.thebittimes.com/images/2024/05/27/6dbfb8828ee5195a5b8f61d537198abc.webp?resize=750,https://cdn.thebittimes.com/images/2024/05/27/6dbfb8828ee5195a5b8f61d537198abc.webp 750w" sizes="(max-width: 1007px) 100vw, 1007px">
  <figcaption id="caption-attachment-290203" class="wp-caption-text">
   Source: Bluntz/X
  </figcaption>
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 <p>Looking at the trader’s chart, he seems to predict that SOL may drop all the way down to $80. At time of writing, SOL is trading for $165.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/top-analyst-predicts-over-50-decline-for-solana-says-there-s-really-high-chance-sol-printed-macro-lower-high-tbt89953.html">https://thebittimes.com/top-analyst-predicts-over-50-decline-for-solana-says-there-s-really-high-chance-sol-printed-macro-lower-high-tbt89953.html</a></p>

Top Analyst Predicts Over 50% Decline for Solana, Says There’s Really High Chance SOL Printed Macro Lower High

TheBitTimes

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