Crypto Trader Who Predicted Bitcoin 2018 Collapse Predicts Solana ‘Floodgates’ To Unleashed After It Reaches This Level – Emeren Group (NYSE:SOL)



Unlock Market Secrets!

Benzinga’s Weekly Insider Report delivers stock picks, macro insights, and portfolio risk assessments. Maximize gains, minimize losses. Get ahead, subscribe now!

Advertorial


 

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.

ENTER TO WIN $500 IN STOCK OR CRYPTO

Enter your email and you’ll also get Benzinga’s ultimate morning update AND a free $30 gift card and more!

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.


Unlock Market Secrets!

Benzinga’s Weekly Insider Report delivers stock picks, macro insights, and portfolio risk assessments. Maximize gains, minimize losses. Get ahead, subscribe now!


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.

Image Via Shutterstock

Read Next: Dogecoin’s Potential To Reach $16, Anthony Scaramucci’s Bold Bitcoin Prediction And More: Cryptocurrency

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.


Unlock Market Secrets!

Benzinga’s Weekly Insider Report delivers stock picks, macro insights, and portfolio risk assessments. Maximize gains, minimize losses. Get ahead, subscribe now!

Advertorial


 

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.



Source link

Previous articleBitcoin: Early Stage Bull Underway?
Next articleAsian shares hit 11-month lows; bitcoin soars to 1-1/2-year high