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November 15, 2023

Crypto Trader Predicts Solana (SOL) to Soar by 22%: Technical Analysis and Historical Patterns

Emily Tremblay
Written byEmily TremblayWriter
Researched byNikos PapadopoulosResearcher

Introduction

A well-known crypto trader, Bluntz, is predicting that Solana (SOL) will resume its upward movement after a recent retracement. Bluntz, who utilizes the Elliott Wave theory in his technical analysis, believes that SOL could soar by more than 22% from its current value.

Crypto Trader Predicts Solana (SOL) to Soar by 22%: Technical Analysis and Historical Patterns

Technical Analysis

Bluntz points out that SOL has experienced a three-wave correction on the four-hour chart, indicating a potential opportunity for the next leg up into $70. He also highlights that SOL is showing bullish divergence on the relative strength index (RSI), which suggests a possible trend continuation.

Previous Bullish Divergence

Bluntz mentions that a similar bullish divergence appeared on the RSI earlier this month, which preceded Solana's significant move from $38 to above $60. This historical pattern adds credibility to the current bullish outlook for SOL.

Recent Price Action

Solana recently reached a high of $62.29 on November 11th but dipped down to $52.05 on November 13th. As of now, SOL is trading at $57.28, reflecting an increase of 8.9% in the last 24 hours.

Conclusion

Based on Bluntz's analysis and the historical bullish divergence on the RSI, it seems likely that Solana will continue its upward movement. Investors should consider this potential opportunity and conduct their own due diligence before making any investment decisions.

About the author
Emily Tremblay
Emily Tremblay
About

Emily, a dynamic blend of tech-savvy and casino enthusiast, hails from the snowy landscapes of Canada. With her innate grasp of cultural nuances, she ensures online casino guides resonate deeply with Canadians. Emily's spirited and engaging nature makes her a favourite among peers.

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