A trader who nailed the bottom of Bitcoin’s (BTC) 2018 bear market is remaining bullish on Solana (SOL) despite its deep corrective move in the past day.
Pseudonymous analyst Bluntz tells his 231,500 followers on the social media platform X that Solana is the fastest large-cap coin to recover after plunging to a 24-hour low of $68.06.
“Surprise, Surprise.
Guess which top 10 [crypto] recovered the fastest.
SOL.”
According to the crypto strategist, the correction shook out overleveraged traders, putting SOL and the rest of the crypto markets in a position to end the week on a bullish note.
“Open interest completely wiped, early week dump after the weekly close. This was needed. We close out the week higher, in my opinion.”
Looking closer at SOL, the trader believes that the altcoin’s uptrend is far from over. The trader shares a chart that shows SOL rallying to as high as $150.
“Legit think this leg on SOL from the $51 lows will be the largest extension we’ve seen so far.
Don’t even get me started on how I’m viewing this from the bottom, you wouldn’t believe me.
Still plenty of juice left in the tank, in my opinion.”
At time of writing, SOL is trading for $70.31, indicating an upside potential of about 100% if Solana reaches the trader’s target.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Sergey Nivens
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