Traders who hit the bottom of the 2018 Bitcoin (BTC) bear market believe one of Ethereum's (ETH) rivals is poised for a big rally.
Brandts, a pseudonymous analyst, told his 238,500 followers on social media platform X that Solana (SOL) appears to have completed the ABC correction wave.
Brandts said he expects Solana to begin a new five-wave rally and SOL could record gains of around 50% from current prices.
“SOL has regained its breakdown range and is basically confirmed to rise above $150. The bears are about to learn the true meaning of pain.”
Analysts practice Elliott Wave Theory. Elliott Wave Theory is a technical analysis approach that attempts to predict future price movements according to crowd psychology, which tends to manifest as waves. According to this theory, bullish assets often go through an ABC correction before turning upward in five waves.
At the time of writing, SOL is trading at $97.24, up nearly 4% in the past 24 hours.
Analysts are also eyeing the native asset of Moonriver (MOVR), an Ethereum (ETH)-compatible parachain built on Kusama (KSM). According to Brandts, MOVR appears to be turning bullish after completing ABC's corrective move.
“MOVR is great here, flying under the radar.”
former blunts predicted MOVR could go up to $50.
At the time of writing, MOVR is valued at $23.48, down 4.49% in the past day.
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Featured Image: Shutterstock/herryfaizal/Salamahin
