A popular cryptocurrency strategist who has gained a large following on social media after accurately calling Bitcoin\u2019s 2018 bear market bottom above $3,000 has recently revealed he believes Solana (SOL) will keep outperforming Bitcoin in the near future.<\/p>\n
In a post shared with their over 230,000 followers on the microblogging platform X(formerly known as Twitter), cryptocurrency analyst known as Bluntz has said he believes SOL is \u201cabout to rip again.\u201d Pointing to SOL\/BTC as the \u201cmost important chart\u201d he\u2019s been tracking, Bluntz said it looks like it will surge another 40% in the near future.<\/p>\n
Bluntz\u2019s price prediction uses\u00a0Elliott Wave\u00a0theory, which according to Investopedia was developed by Ralph Nelson Elliott in the 1920s after he observed and identified \u201crecurring, fractal wave patterns.\u201d<\/p>\n
These fractal wave patterns are based on the psychology of the masses. The Elliott Wave theory is usually interpreted based on five waves moving in the direction of a main market trend, which can be bullish or bearish, and by three corrective waves. The repetition of these patterns, theory suggests, allows the movements of asset prices to be predicted.<\/p>\n
The theory is said to have gained notoriety when Elliott himself predicted the stock market bottom in 1935 after a 13-month correction.<\/p>\n
Solana\u2019s price is notably up over 570% so far this year and nearly 60% over the last 30-day period, partly as it recovered from the collapse of FTX \u2013 which was a major supporter of the network \u2013 and as institutional investors move in.<\/p>\n
Data shows that Solana-based investment products saw a total of $143 million of inflows so far this year as it keeps outperforming the wider cryptocurrency market.<\/p>\n
Last month, Bluntz suggested that the price of SOL was \u201cready for the next leg up into $70,\u201d pointing to a potential rise of 22% from its price at the time.<\/p>\n