The trader who nailed the bottom of the 2018 Bitcoin (BTC) bear market believes one of Ethereum's (ETH) rivals is preparing for a major rally to the upside.
The analyst with the pseudonym Blontz tells his 238,500 followers on social media platform X that Solana (SOL) appears to have completed an ABC corrective wave.
Plantz says he now expects Solana to start a new five-wave rally that could see SOL post gains of about 50% from current prices.
“SOL has reclaimed its breakdown range, moved up to $150, and is now basically confirmed. Bears are about to learn the true meaning of pain.”
The analyst practices Elliott Wave Theory, a technical analysis approach that attempts to predict future price movement by following crowd psychology that tends to appear in waves. According to this theory, bullish assets often go through an ABC correction before launching a five-wave move to the upside.
At the time of writing, SOL is trading at $97.24, up approximately 4% over the past 24 hours.
The analyst is also keeping an eye on the Moonriver (MOVR) native asset, an Ethereum (ETH)-compatible umbrella chain built on top of Kusama (KSM). According to Pluntz, MOVR looks bullish after completing the ABC corrective move.
“MOVR looks amazing here, flying under the radar big time.”
Formerly Plantz And he expected That MOVR could rise to $50.
At the time of writing, MOVR is valued at $23.48, down 4.49% in the past day.
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