Benzinga - Crypto analyst, Bluntz, known for his precise market forecasts, anticipates a major breakout for Solana (CRYPTO: SOL) and hints at a potential rally for Ethereum (CRYPTO: ETH).
What Happened: Pseudonymous trader Bluntz, who accurately predicted the Bitcoin bear market bottom in 2018 expressed optimism for Solana, mentioning that a break from its multi-month accumulation range resistance could trigger a substantial price increase.
very impressed with $SOL price action this week.todays PA most likely a breakout on the btc pair and looking like a whole year of accumulation on not just usd but sol/btc is close to coming to an end.
once it breaks $32 the flood gates get unleashed, thats still 20% higher but… https://t.co/5o1hFWjbYr pic.twitter.com/lsItTVaqIC
— Bluntz (@Bluntz_Capital) October 20, 2023
See Also: Crypto Analyst Sounds Alarm On Bitcoin’s Rally, Warns Traders Not To ‘Go Crazy’ As Crypto Soars By 10%
Bluntz expressed admiration for Solana’s recent price movements against both Bitcoin and the US dollar. Observing that it is on the brink of concluding a year-long accumulation period, he stated, “Once it breaks $32, the floodgates get unleashed.”
At the time of reporting, Solana was priced at $32.07, up 6.45% over a 24-hour period.
Furthermore, Bluntz hinted at a potential rally for Ethereum.
He noted that Ethereum has upheld its $1,550 support level and presented a bullish higher-low setup, which could signal an impending rally. Ethereum was valued at $1,688 at the time of reporting.
Why It Matters: SOL has staged a comeback this year, emerging as one of the top-performing digital assets with a 170% year-to-date surge.
Earlier concerns arose as Solana’s future seemed uncertain in late 2022 due to the downfall of prominent investor and ecosystem supporter, Sam Bankman-Fried. Adding to the mix, fears loomed as a U.S. bankruptcy court recently granted permission to liquidate the FTX-Alameda estate’s vast crypto holdings, which included a substantial $1.16 billion stash of SOL tokens as of late August.
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