A closely followed analyst is predicting an imminent massive breakout for Ethereum (ETH) competitor Solana (SOL).
Pseudonymous analyst Bluntz tells his 256,800 followers on the social media platform X that SOL appears to be printing a bullish pattern on the four-hour chart, setting higher lows.
“SOL gearing up for a violent breakout here in my opinion.”
The trader also uses Elliott Wave theory, which states that a bullish asset often witnesses a fresh leg up after a three-part ABC correction. Looking at his chart, the trader suggests SOL completed the ABC correction after a retest of the $120 level.
Solana is trading for $159 at time of writing, up more than 3% in the last 24 hours.
Next up, the analyst says that Pepe (PEPE) seems to be in a bullish uptrend after bouncing off a key Fibonacci level at $0.000004454. He also believes that Pepe’s chart is the most bullish compared to other top memecoins.
“Of all the major memecoins, Pepe looks the best in my opinion. [Pepe] has already cleared and reclaimed the (a) wave lows after turbo V reversing from the major 0.618 [Fibonacci level].”
Looking at his chart, the analyst suggests Pepe could soar past the $0.000013 level.
Pepe is trading for $0.000007721 at time of writing, up more than 14% in the last 24 hours.
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The post Top Trader Predicts ‘Violent Breakout’ for Solana, Says One Crypto Asset Looks Like Best Memecoin appeared first on The Daily Hodl.