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

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1 year ago

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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.

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.

Bluntz practices the Elliott Wave theory, a technical analysis 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.

According to the analyst, SOL has been printing bearish patterns ever since rallying to its recent high of about $210 in March.

“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.

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.”

Source: Bluntz/X

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.

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