Waves (WAVES) was one of the blockchains launched back in 2016 around the time when blockchains like Ethereum and Cardano were just coming into the market. At the time, WAVES was promising but it has been unable to keep up with the times and has fallen out of favor with investors. That is, until now, when one crypto analyst sees an explosive recovery that could send it back toward its 2022 all-time highs.
WAVES Gearing Up For 2400% Explosion
Crypto analyst and trader AlanSantana presented an incredibly bullish scenario for WAVES in an analysis that carried four total price targets for the digital asset. Santana explains that the WAVES price has been trading very close to its January 2023 lows, which means that it has not really followed the recent market recovery as much as the other altcoins.
There had been times when the altcoin’s price had seen recovery. But it was to a much smaller extent compared to where the market currently is. Instead, WAVES has continued to consolidate for the better part of a year, which makes it primed for a breakout.
Due to this sustained consolidation, the crypto analyst believes that WAVES’s next move up “can be really strong.” This is also backed by other factors such as the increase in trading volume, as well as a strong RSI for the token. Mainly, the RSI backing this move is that it has remained strong at 75 even while prices were down as the analyst explains.
Mapping Out The Price Targets
In the chart shared on TradingView, Santana outlines where they are looking for the price to land. The main targets are four, but the first move, and perhaps the most important one, will be the one that takes WAVES from its current under $2 price level to above $7. This first target will mean an approximate 290% increase from its present market value.
Then moving on from this $7 mark, the expectations start to get interesting with even bigger price targets. The next target sits at $18, translating to an 8.15% move in price. Next in line is another $10 move to reach the $28 mark, a 1,323% increase.
Not ending there, the next price level sits at the $28 mark which is a 1,872% increase. Last but not least is the last price level at $49.2, an over 2,400% increase from $1.98. Reaching this level would push it very close to its previous all-time high price of $62.
As for a timeframe, the crypto analyst does not provide one for when WAVES might hit these levels. However, given that the last time that the digital asset saw such a move, it’s safe to say that the forecast could play out in the next crypto bull market.