A widely followed analyst and trader is expressing bullish sentiment on an Ethereum (ETH<\/a>) competitor that has soared by triple digits in half a year.<\/p>\n The analyst pseudonymously known as Bluntz tells<\/a> his 254,100 followers on the social media platform X that Solana (SOL<\/a>) appears to have completed a short-term bearish phase when paired against the US dollar.<\/p>\n Bluntz, who usually applies the Elliott Wave theory in his technical analysis, says that Solana has bottomed out at around $162 and will now go \u201chigher from here\u201d after completing a three-wave bearish pattern.<\/p>\n The Elliott Wave theory states that the main trend of the price of an asset moves in a five-wave pattern while a correction occurs in a three-wave pattern.<\/p>\n Solana is trading at $175 at time of writing, up by 722% from the low of $21.27 reached in October of 2023.<\/p>\n Against Bitcoin (BTC<\/a>), the pseudonymous analyst says<\/a> that Solana is exhibiting a bullish divergence on the four-hour chart with the price of Solana\/Bitcoin trending downwards while the Relative Strength Index (RSI) readings are trending upwards.<\/p>\n The RSI is a momentum oscillator typically used to determine oversold and overbought conditions and its values range from 0 to 100.<\/p>\n From Bluntz\u2019s chart, it also appears that Solana\/Bitcoin has completed a downward-trending five-wave pattern that was encompassed within the final wave a three-wave bearish pattern.<\/p>\n Solana is trading at 0.00243700 BTC ($70,236) at time of writing.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>   Generated Image: DALLE3<\/em><\/span><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" A widely followed analyst and trader is expressing bullish sentiment on an Ethereum (ETH) competitor that has soared by triple digits in half a year. The analyst pseudonymously known as Bluntz tells his 254,100 followers on the social media platform X that Solana (SOL) appears to have completed a short-term bearish phase when paired against […]<\/p>\n","protected":false},"author":2,"featured_media":282077,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-282076","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/282076","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=282076"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/282076\/revisions"}],"predecessor-version":[{"id":282079,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/282076\/revisions\/282079"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/282077"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=282076"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=282076"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=282076"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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