The price of Ethereum ($ETH) competitor Solana ($SOL) might soon witness a “rage pump” after hitting a bottom below the $150 mark, according to a widely followed cryptocurrency analyst who forecast the bear market’s bottom in 2018.
Solana has bottomed with a “great clean 3 wave move down from the highs on daily,” according to the pseudonymous cryptocurrency expert Smart Contracter. The expert predicted that Solana’s price will achieve a new all-time high in a tweet to his almost 200,000 followers.
Smart Contracter’s price forecast is on Elliott Wave theory. Of course, was developed by Ralph Nelson Elliott in the 1920s after he saw and identified “recurring, fractal wave patterns,” according to Investopedia.
The psychology of the masses is to create these fractal wave patterns. Five waves move in the direction of a primary market trend. Notably, it can be bullish or bearish, and three corrective waves are for understanding Elliott Wave theory.
Theoretically, the repeating of these patterns allows asset price movements Predictions on solana.
Elliott is to have popularize the theory after predicting the stock market’s bottom after a 13-month slump in 1935. According to Smart Contracrer’s research of SOL, the cryptocurrency’s price has completed a wave-two corrective phase. Of course, and is now ready for a third wave rally.
He projected a Solana price “rage pump” based on his analysis. Then, warned followers not to forget Solana’s previous surge earlier this year.
So, Zhu Su, the CEO of crypto investing business Three Arrows Capital. Also, claimed that the company has amassed “a vast quantity of SOL.”
Related Posts – Bank DBS’s Crypto Business Grows Massively Due To Growing Demand From Investors
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.