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A closely watched cryptocurrency analyst who predicted a 2018 bear market bottom said that the price of Ethereum rival ($ ETH) Solana ($ SOL) may soon see a “furious pump” after bottoming below $ 150.
Crypto analyst Smart Contracter noted on Twitter that Solana has bottomed out with “a nice clean three-wave move down from daily highs.” The analyst told his followers that he expects the Solana price to hit a new all-time high.
In its price prediction, Smart Contracter uses Elliott Wave Theory, which, according to Investopedia, was developed by Ralph Nelson Elliott in the 1920s after he noticed and identified “repeating fractal wave patterns.”
Elliott Wave Theory is usually interpreted in terms of five waves moving in the direction of the main market trend, which can be bullish or bearish, and three corrective waves. Repetition of these patterns, according to the theory, allows predicting the movement of asset prices.
The theory is believed to have gained prominence when Elliott himself predicted a stock market bottom in 1935 after a 13-month correction. SOL analysis by Smart Contracrer suggests that the price of the cryptocurrency has completed the correction phase of the second wave and is now ready to start the third phase.
Based on his analysis, he predicted that the “fierce pumping” of Solana’s price was close at hand and advised followers not to forget about Solana’s past rally earlier this year. Notably, Zhu Su, CEO of crypto investment firm Three Arrows Capital, revealed that the company has amassed “a huge amount of SOL.”
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