Crypto analyst, Bluntz, known for his precise market forecasts, anticipates a major breakout for Solana SOL/USD and hints at a potential rally for Ethereum ETH/USD.
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.
Bluntz expressed admiration for Solana’s recent price movements against both Bitcoin and the U.S. 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.
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.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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