Analyst Bullish on Solana (SOL) After Reclaiming Key Support Level
An analyst who has earned the Master Trader rank on the crypto exchange Bybit believes that Solana (SOL) is looking promising after recovering a crucial support level.
Bluntz, a pseudonymous analyst with a substantial following on X, highlights that Solana is displaying a swing failure pattern (SFP) on the four-hour chart. This pattern emerged after SOL lost support at $160 towards the end of May but managed to bounce back and reclaim this price level shortly after.
Typically seen as a reversal pattern, an SFP indicates a failure to sustain downward momentum, suggesting a potential shift in market sentiment. Bluntz expresses optimism about SOL’s current price action, stating, “If this reclaims, it’s go time.”
As of the latest update, SOL is trading at $160.33, slightly above the key support level identified by the analyst.
Additionally, Bluntz is bullish on ai16z, an artificial intelligence (AI)-focused cryptocurrency. According to the analyst, ai16z has completed an ABC correction on the daily chart, signaling a potential bottom formation. Bluntz applies the Elliott Wave theory to his analysis, suggesting that ai16z is poised for a significant rally following the correction.
At the time of writing, ai16z is valued at $0.25.
Lastly, Bluntz mentions Gigachad (GIGA), a memecoin built on the Solana blockchain, drawing parallels to the recent success of SPX6900 (SPX), another memecoin that has seen substantial gains. The analyst sees potential in GIGA’s price action and compares it to the promising trends seen in other memecoins.
Currently, GIGA is valued at $0.23.
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