An analyst known for attaining the “Master Trader” rank on the crypto exchange Bybit believes that rallies are in sight for Solana (SOL).
Pseudonymous analyst Bluntz tells his 321,400 followers on the social media platform X that he’s now bullish on the native asset of the layer-1 protocol after moving above a diagonal resistance that has kept SOL bearish since late May.
-->The trader thinks that Solana and other coins operating on its network will witness rallies this week, at the very least.
“Nice downtrend break on SOL overnight, I think we’re in for a good week [this] week. SOL ecosystem [coins] also starting to perk up and look real good again.
I think we’re back, baby.”
Source: Bluntz/XAt time of writing, SOL is worth $152.
One Solana coin that’s on the trader’s radar is the non-fungible token (NFT) project Pudgy Penguins (PENGU). According to the analyst, PENGU looks primed to surge after breaking out from a falling wedge structure, which is a bullish reversal pattern.
“Absolute monster breakout on PENGU here overnight.
Absolutely amazing chart here and will go much higher, in my opinion.
Looking like a standout leader, also never had a proper price discovery run yet, so expecting this one to be a banger.”
Source: Bluntz/XBased on the trader’s chart, he seems to predict that PENGU will hit $0.025. At time of writing, PENGU is worth $0.014, up over 6 in the past day.
As Bluntz flips bullish on Solana and PENGU, he is also hinting that altcoins are on the verge of outperforming Bitcoin (BTC). The trader shares the Bitcoin Dominance (BTC.D) chart, which tracks how much of the crypto market cap belongs to BTC.
Based on the trader’s chart, he seems to suggest that BTC.D is flashing a bearish divergence on the three-day chart, suggesting that a bearish reversal is in play. A bearish BTC.D chart indicates that altcoins are gaining value faster than Bitcoin.
Says Bluntz,
“BTC.D presented without comment.”
Source: Bluntz/XAt time of writing, BTC.D is trading at 65.45.
