A crypto analyst known by the pseudonym Bluntz has indicated that Solana (SOL) is on the cusp of a significant breakout. With a social media following of 225,200, Bluntz believes that SOL is poised to make gains against both Bitcoin (SOL/BTC) and the US dollar.
Bluntz is optimistic about SOL’s recent price activity, suggesting that the cryptocurrency is likely in the midst of a breakout when paired with Bitcoin. He also mentioned that a year-long accumulation phase for SOL, in relation to both the US dollar and Bitcoin, seems to be drawing to a close. Bluntz asserts that once SOL crosses the $32 threshold, a major upward shift will occur, describing the event as when “the floodgates get unleashed.”
The analyst’s charting also revealed bullish indicators for SOL/BTC. The chart displayed higher-low structures and showed that the cryptocurrency had ascended above a diagonal resistance line.
Bluntz also offered a bullish perspective on Ethereum (ETH). He indicated that ETH is preparing for a potential rally, having held its support level at $1,550 and forming a bullish higher-low pattern.
Real Vision CEO Raoul Pal has expressed strong optimism for Solana ($SOL) throughout the current year. According to a series of posts on social media platform X, Pal highlighted that Solana has experienced a 171% increase in value this year. He also pointed out that the cryptocurrency is approaching a critical inverse head and shoulders pattern at the $30 price point. Should it successfully break through this level, Pal anticipates the next major resistance to be around $50.
In addition to his observations on Solana’s performance against the US dollar, Pal also noted that the cryptocurrency has made gains when compared to Ethereum (ETH).
Furthermore, Pal stated that Solana has also outperformed Bitcoin (BTC), adding another layer of optimism to his outlook for the cryptocurrency.
Concluding his social media thread, Pal speculated that Solana could play a pivotal role in transitioning the cryptocurrency market from what he termed as “Crypto Spring” to “Crypto Summer” by the year 2024.
At the time of writing, SOL is trading at around $30.08, up 5.65% in the past 24-hour period and up 205.09% in the year-to-date period.
Featured Image via Pixabay
