An analyst who has earned the Master Trader rank on the crypto exchange Bybit thinks Solana (SOL) looks good after recovering a key support level.
Pseudonymous analyst Bluntz tells his 319,800 followers on the social media platform X that Solana is flashing a swing failure pattern (SFP) on the four-hour chart after losing support at $160 at the end of May, only to recover the price level days later.
An SFP is typically viewed as a reversal pattern, and in Solana’s case, the inability of bears to push prices lower indicates a failure to sustain downward momentum, potentially triggering a shift in market sentiment.
Says Bluntz,
“Quite liking the SOL’s reaction after taking the lows, working on a reclaim now, still early days but very promising in my opinion. If this reclaims, it’s go time.”
At time of writing, SOL is trading at $160.33, slightly above the trader’s key support level.
The analyst is also bullish on the artificial intelligence (AI)-focused crypto project ai16z (AI16Z). According to Bluntz, the altcoin appears to have completed an ABC correction on the daily chart, suggesting that the coin has printed a durable bottom.
Bluntz practices the Elliott Wave theory, which states that an asset is primed to ignite rallies after completing an ABC correction.
“Of all my alt scans this morning, ai16z has the most textbook impulsive five-wave rise on high timeframes starting in April and now a very clean, clear three-wave ABC back into the major 0.618.
It doesn’t get more textbook than this. I think that’s a major bottom for this one.”
At time of writing, ai16z is worth $0.25.
The last coin on the trader’s radar is Gigachad (GIGA), a memecoin built on the Solana blockchain. Bluntz says GIGA appears to be following in the footsteps of fellow memecoin SPX6900 (SPX), an altcoin that’s up about 360% since bottoming out in March.
“GIGA looking pretty good in my opinion, so many similarities.
Love it or hate it, Murad coins look spicy.”
At time of writing, GIGA is worth $0.23.
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