Pseudonymous analyst Bluntz tells his 234,400 followers on the social media platform X that Solana appears to be forming a bullish reversal pattern on the one-hour chart.
According to the analyst, he expects SOL to consolidate for a bit before launching a parabolic rally.
“Beautiful rounded bottom forming on SOL.
Would not be surprised to see some high timeframe sideways on this before the next mind-blowing parabola leg.”
With Solana now trading well above the pattern’s support, Bluntz predicts an imminent rally for the fifth-largest altcoin by market cap.
“Nice move from the lows so far on SOL.
New highs soon.”
At time of writing, SOL is trading for $107.40.
Next up, the trader is looking at the new layer-1 blockchain Sei (SEI). According to Bluntz, SEI is shaping up to be one of this cycle’s fastest horses after launching a nearly 400% rally in just a few months.
“SEI is quickly turning into this cycle’s outperformer.
Should definitely be on everyone’s radar for pullbacks in 2024, in my opinion.”
At time of writing, SEI is worth $0.711, up about 200% since the start of December.
According to the analyst, LDO looks primed for a breakout on its US dollar pair while flashing a bullish reversal signal on its Bitcoin pair (LDO/BTC).
“I have a love/hate relationship with LDO but I think it’s finally going for the price discovery breakout. There’s also weekly bullish divergence on the BTC pair.”
At time of writing, LDO is worth $2.87.
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