A top analyst said that Ethereum rivals are very close to the bottom and that they are looking at Solana as one altcoin to kick off the NFT season.
A top cryptocurrency strategist who has been playing altcoin calls at the right time recently believes that one Ethereum (ETH) challenger is close to printing a local bottom.
Pseudonymous analyst Bluntz told his 254,000 followers on social media platform X that he is bullish on Solana (SOL).
According to the top trader, he saw Solana hit bottom at around 0.0025 BTC ($179.57) against Bitcoin (SOL/BTC), sparking a new uptrend.
“I think SOL/BTC is almost at the bottom. To get five C’s, you just have to sweep out this lowest score at the end of each hour.”
Source: Bluntz/X
Bluntz practices the Elliott Wave Theory, which states that bullish assets tend to witness a new rally after completing an ABC corrective wave. Looking at the trader’s chart, he seems to be suggesting that Wave C will end soon, paving the way for a bounce above 0.003 BTC ($215).
As of this writing, SOL/BTC is trading at 0.002519 BTC ($180.94).
For Solana against the US dollar, Bluntz expects to see more sideways consolidation before SOL rises to a 2024 high of $230.
“The possibility of a sideways correction for SOL is open here. Mainly because I think SOL/BTC has already completed ABC, swept the lows, appears to be very close to a bottom, and that bottom would be meaningless for SOL/. USD will fall below $160.”
Source: Bluntz/X
As of this writing, SOL is worth $180.64.
Bluntz also named one altcoin that he believes will spark a rally for Solana-based non-fungible tokens (NFTs).
“TNSR airdrop… I think the SOL NFT season is about to begin.
People who don’t like buying jpegs will be happy to buy tokens, and their NFT brethren who like jpegs will likely sell stimmy (airdrop tokens) to buy more jpegs.
“The flywheel effect.”
TNSR is the governance token for Tensor, Solana’s most popular NFT platform. Eligible users can now claim free TNSR tokens through the Jupiter ( JUP ) LFG Launchpad.
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