A widely followed cryptocurrency analyst and trader is predicting more upside for an altcoin that has soared by triple digits over the past couple of months.
The analyst pseudonymously known as Bluntz tells his 239,700 followers on social media platform X that the native token of the layer-1 blockchain Sei (SEI) could skyrocket by approximately 152% from the current level based on the price action of the altcoin’s Bitcoin (BTC) pair.
“SEI just keeps consolidating then breaking higher, I did think the $1 psychological level on SEI was a good target.
After checking out SEI/BTC now I think $2 is not outside of the realm of possibility.”
Based on the analyst’s chart, it appears that SEI’s US dollar pair has broken out of a descending trendline on the one-hour chart. On the SEI/BTC pair, it appears that SEI has completed a three-wave pattern within a larger five-wave pattern.
Bluntz regularly applies the Elliott Wave theory, a concept that states that the main trend of the price of an asset moves in a five-wave pattern while a corrective trend occurs in a three-wave pattern, in his technical analysis.
SEI is trading at $0.794 at time of writing, up by around 426% from a price of $0.151 recorded on November 15th of 2023.
Turning to Solana (SOL), Bluntz says that the fifth-largest crypto asset by market cap could go up by approximately 30% from the current level based on the price action of SOL’s Bitcoin pair.
Based on Bluntz’s chart, it appears that the SOL/BTC pair has formed three successive higher lows on the daily chart, indicating a potential bullish reversal.
“SOL/BTC shaping up beautifully here.
SOL is gonna rip in my opinion, $150.”
Solana is trading at $115 at time of writing.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
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.
Generated Image: DALLE3
Credit: Source link
