A knowledgeable cryptocurrency analyst, operating under the pseudonym ‘Bluntz’, has once again captured attention for accurately forecasting the market bottom in 2018. This time, his focus is on Solana, a rising cryptocurrency, with a projection for its price movement. He predicts that Solana will hit its lowest point before rebounding to surpass the $200 threshold.
Recently, Bluntz hinted at a potential support level for Solana prices. Initially forecasting a bottom of \(160 or potentially lower on April 4, he has now adjusted this figure to \)162 in his latest analysis.
Bluntz’s analysis suggests a potential bullish recovery for Solana, poised to rise from its $162 lows. Drawing from various price trajectory charts spanning from March to April 2024, he links his prediction to the Elliot Wave Theory, a technical analysis method.
The Elliot Wave Theory, a sophisticated tool for astute analysts, forecasts price trends by identifying recurring, long-term patterns influenced by shifts in investor sentiment and market psychology.
In a previous post, Bluntz shared a predictive price chart indicating that Solana could surge to 224 after reaching the projected low. He even outlined a timeline for this significant upturn, suggesting a leap to 224 by April 22 if his analysis holds true.
However, Solana is currently experiencing a sharp decline. Its value has been plummeting in recent weeks, with double-digit losses. At the time of reporting, the cryptocurrency is trading at $151.15, marking a 12.32% drop in the last 24 hours and a 13.93% decline over the past week according to CoinMarketCap.
This downturn is attributed to network congestion issues plaguing Solana. In an ironic twist, a network outage earlier in April led to a failure in approximately 75% of transactions, sparking concerns among investors and the broader crypto community.
The aftermath of this technical setback has been severe, causing a substantial drop in Solana’s value, which has continued on a downward trajectory. Despite efforts to address network issues by April 15, the cryptocurrency’s value has not shown significant recovery.
Notably, Solana’s current price has dipped below the previously predicted $162 bottom by Bluntz. The anticipated bullish recovery now faces uncertainty as doubts emerge regarding the network’s capacity to manage high transaction volumes.
It is essential to emphasize that the insights and forecasts provided in this analysis are for educational and reference purposes only. They do not reflect NewsBTC’s stance on investment decisions. Investing carries inherent risks, and conducting thorough individual research before making investment choices is strongly advised. The responsibility for utilizing the information presented here lies solely with the reader.