Analyst Predicts Rallies for Ethereum and Solana
An analyst who accurately called the 2018 floor price for Bitcoin (BTC) believes that rallies are on the horizon for Ethereum (ETH) and its competitor Solana (SOL).
Examining Ethereum first, pseudonymous trader Bluntz shared insights with his 226,200 followers on the social media platform X, stating that ETH seems to have completed a corrective move on the lower time frame chart.
According to Bluntz, ETH displayed a bullish divergence on the 30-minute chart, indicating a building momentum for the leading smart contract platform.
Bluntz practices the Elliott Wave theory, a method of technical analysis that attempts to predict future price action by identifying crowd psychology, which manifests in waves. Analyzing the trader’s chart, it appears he predicts that ETH will rally above $1,900 in the short term.
As of the latest update, Ethereum is valued at $1,850.
Solana’s Potential Surge
Bluntz also discussed Solana, suggesting that it still has significant potential, despite its 338% increase in value this year.
“18% three-wave pullback in a monster uptrend, yes, please. This is going straight to $50+.” At the time of writing, SOL is worth $42.
Watching the US Dollar Index (DXY)
Bluntz is closely monitoring the performance of the US dollar index (DXY), which tracks the USD’s value against a basket of foreign currencies. The analyst believes that risk-on assets like cryptocurrencies may experience upward movements, anticipating a significant correction in the DXY.
Based on the trader’s chart, he predicts that the DXY could fall below the key support level of 100 points. Currently, the DXY is trading at 105.069 points.