A widely followed crypto trader believes that one top-10 altcoin could double in price amid a crypto market bounce.
Pseudonymous crypto analyst Bluntz tells his 223,000 Twitter followers that he is “liking” Solana (SOL) after the Ethereum (ETH) competitor completed an Elliot Wave Theory three-wave correction pattern as well as bounced from a major support level.
According to the Elliott Wave theory, the main trend in the price action of an asset occurs in a five-wave pattern while a correction occurs in a three-wave pattern.
“One of the altcoins I’m liking here is SOL.
Solid strong reaction from a major support level, clean three-wave move down on high time frames.
I think this has potential for 100% upside and I rarely call shit like that.”
Solana is trading at $16.75 at time of writing.
“Beautiful downtrend/bull flag breakout on daily.
I think it’s time to start taking some more risk again.”
A bull flag pattern typically signals that the uptrend which was underway prior to the price descent is about to resume.
Bitcoin is trading at $28,840 at time of writing.
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