Analyst Says ‘Flood Gates Are Open’ for Altcoin That’s up 10x in Six Months, Updates Outlook on Bitcoin and Sei

A widely followed cryptocurrency analyst and trader is remaining bullish on one red-hot Ethereum (ETH) competitor.

The analyst pseudonymously known as Bluntz tells his 248,700 followers on social media platform X that Solana (SOL) has a lot more upside potential after soaring 10x since September.

“SOL vertical accumulation has ended. Flood gates are open and the channel broken. All-time highs in sight.”

Looking at the trader’s chart, he suggests that Solana’s upward momentum is strengthening after a bullish breakout from an ascending channel.

Solana is trading for $179.56 at time of writing, up more than 5% in the last 24 hours. Solana hit an all-time high of $259.96 in November 2021.

The trader also says that another big reason to remain bullish on Solana is that it is outperforming against both Bitcoin (SOL/BTC) and Ethereum (SOL/ETH).

“SOL/BTC and SOL/ETH already putting in new highs. There is no second best.”

Next up, the trader uses the Elliott Wave theory to predict that Bitcoin is heading to around $80,000 after the recent dip to the mid-$60,000 level.

The Elliot Wave theory states that the main trend of the price of an asset moves in a five-wave pattern while a correction takes place in a three-wave ABC pattern.

“Nice divs on BTC here into an ABC retest of prior all-time high with five waves accounted for within the C. Open Interest nuked and funding flat and back to neutral. send it.”

Looking at the trader’s one-hour chart, he suggests that Bitcoin has completed a corrective ABC wave and is about to begin a five-wave move up.

Bitcoin is trading for $68,262 at time of writing, down 3.7% in the last 24 hours.

Lastly, the trader says that the native token of the layer-1 blockchain Sei (SEI) is on the verge of breaking out in a five-wave pattern to as high as $1.60.

“SEI has been a slow burn this week, but finally looks ready in my opinion. Next impulse up about to start in my opinion.”

Sei is trading for $1.06 at time of writing, up more than 24% in the last 24 hours.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: DALLE3