Key Insights:
Bluntz Capital has suggested a price target of $140 for Solana, which recently outpaced Ethereum, claiming that it had shown a strong chart pattern.
The blockchain has been in the focus after the CEO of Franklin Templeton praised the blockchain. Solana has also arisen as a strong contender to Ethereum backed by strong fundamentals.
We have also included a technical price analysis with this article to ensure you are best informed on the levels to expect in Solana's price.
A popular and anonymous trader, Bluntz Capital shared on X that Solana's price could further see an upside of 40% after it recently touched $100.
The anonymous trader used Elliott Wave to identify the possibility of a large up move in Solana. Elliott Wave is a common tool for traders and investors in the crypto markets. The indicator uses repetition of trends to accurately predict future price movements.
Bluntz Capital also credited to predict the 2018 Bitcoin bottom accurately.
On X (formerly Twitter), Bluntz has a high followership of 237k. He usually practices the Elliott wave theory to find emerging bullish and bearish patterns in crypto markets.
The crypto is also supported by a very strong fundamental presence where its actual throughput has crossed more than 65,000 Transactions Per Second(TPS). On an average, the real time utilization of Solana's blockchain remains around 3000 TPS.
Solana also has a high amount of development going on its blockchain. It was recently witnessed to have around 2500 monthly active developers on its blockchain.
The blockchain has witnessed a high inflow of users on the back of which its token SOL became 4x within 3 months.
Solana has also successfully sold off its Saga phone which was supposed to provide much greater integration with the world of crypto.
The trillion dollar asset manager, Franklin Templeton, has heaped praises on Solana and on the vision of its founder Anatoly Yakovenko. The fund was impressed with the numerous innovations under the Solana ecosystem. Some of them are:
We have tried to validate the predictions by Bluntz Capital using our own technical analysis. For this purpose, we have chosen the "Daily Charts" which is suitable for analyzing the price of any asset over the next few weeks.
It is to be noted that the price of SOL has eased from its recent highs of $122 and at press time was near $92. It had a market cap of $39.8 billion.
The crypto has been in a narrow channel since Dec 21, 2023 and is stuck between $88.72 which is its support and $121.03, which is its immediate resistance for the time being.
Taking a look at the technical indicators, we can observe that:
Overall the trend for SOL seems to be on the little negative side. However, cryptocurrencies have been seen to reverse their fall near supports which is approaching for Solana.
If the crypto reverses direction near $90, it may soon touch $121. On the lower side, decisive breakdown below $88 might tank the prices towards $70.
It is a wise thing to add a stoploss in such trades where the risk is high.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.