Solana rival, which exploded more than fivefold in three months, could surge more than 150%, according to top analysts
A widely followed cryptocurrency analyst and trader is predicting further upside potential for an altcoin that has risen by triple digits in recent months.
The analyst, known under the pseudonym Bluntz, shares with his 239,700 followers on the social media platform ) couple.
“SEI continues to consolidate and then breaks out higher. I thought the psychological level of $1 on SEI was a good target.
Now that I’ve looked at SEI/BTC, I think $2 is not outside the realm of possibility.”
Based on the analyst's chart, it appears that SEI's US dollar pair has broken out of a descending trend line on the one-hour chart. On the SEI/BTC pair, SEI appears to have completed a three-wave pattern within a larger five-wave pattern.
Bluntz regularly applies Elliott Wave Theory in his technical analysis, a concept that states that the main trend of an asset's price moves in a five-wave pattern, while a corrective trend occurs in a three-wave pattern.
Source: Bluntz/X
SEI is trading at $0.794 at the time of writing, up approximately 426% from a price of $0.151 on November 15, 2023.
Looking at Solana (SOL), Bluntz says the fifth-largest crypto asset by market cap could rise around 30% from current levels based on the price performance of SOL's Bitcoin pair.
Based on Bluntz's chart, it appears that the SOL/BTC pair has formed three consecutive higher lows on the daily chart, indicating a possible bullish reversal.
“SOL/BTC is developing wonderfully here.
I think SOL will cost $150.”
Solana is trading at $115 at the time of writing.
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