A crypto strategist who nailed the Bitcoin’s (BTC) price floor during the 2018 bear market thinks Solana (SOL) is gearing up for a steep move to the upside.
Pseudonymous analyst Bluntz tells his 234,400 followers on the social media platform X that Solana appears to be forming a bullish reversal pattern on the one-hour chart.
According to the analyst, he expects SOL to consolidate for a bit before launching a parabolic rally.
“Beautiful rounded bottom forming on SOL.
Would not be surprised to see some high timeframe sideways on this before the next mind-blowing parabola leg.”
With Solana now trading well above the pattern’s support, Bluntz predicts an imminent rally for the fifth-largest altcoin by market cap.
“Nice move from the lows so far on SOL.
New highs soon.”
At time of writing, SOL is trading for $107.40.
Next up, the trader is looking at the new layer-1 blockchain Sei (SEI). According to Bluntz, SEI is shaping up to be one of this cycle’s fastest horses after launching a nearly 400% rally in just a few months.
“SEI is quickly turning into this cycle’s outperformer.
Should definitely be on everyone’s radar for pullbacks in 2024, in my opinion.”
At time of writing, SEI is worth $0.711, up about 200% since the start of December.
Another altcoin on the trader’s radar is Lido DAO (LDO), a crypto project that aims to allow users to stake Ethereum (ETH) without locking assets or maintaining infrastructure.
According to the analyst, LDO looks primed for a breakout on its US dollar pair while flashing a bullish reversal signal on its Bitcoin pair (LDO/BTC).
“I have a love/hate relationship with LDO but I think it’s finally going for the price discovery breakout. There’s also weekly bullish divergence on the BTC pair.”
At time of writing, LDO is worth $2.87.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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The post Analyst Predicts ‘Mind-Blowing’ Parabolic Leg for Solana, Names One Altcoin That Could Outperform Other Coins appeared first on The Daily Hodl.