Trader and Analyst Believes SOL Can Still Increase Another 100%

• Crypto trader and analyst Bluntz Capital shared his bullish outlook for SOL in a tweet.
• The trader believes that there is still room for SOL’s price to rise another 100%.
• At press time, SOL was trading at $16.746 after gaining 5.44% gain in the past 24 hours.

A popular crypto trader and analyst Bluntz Capital took to Twitter to share his extremely bullish outlook on Solana (SOL). According to the trader, SOL has witnessed a solid and powerful reaction from a major support level, accompanied by a clear three-wave decline when observed on higher time frames.

The post added that there is a possibility of SOL’s price rising another 100%. Meanwhile, CoinMarketCap indicated that SOL was one of the many cryptocurrencies that saw their prices rise over the past 24 hours of trading.

At press time, the altcoin was trading hands at $16.746 after it experienced a 5.44% price increase. Consequently, SOL was trading much closer to its daily high of $17.12 than its 24-hour low of $15.76. The crypto’s price increase also ended up pushing its weekly performance even further into the green at +10.23%.

In addition to this, SOL’s 24-hour trading volume saw an increase of more than 60% throughput the past day, which left it standing at around $326 million. SOL reached its all-time high (ATH) of $260.06 in November of 2021. Since then, the price of the altcoin has slipped by more than 93%.

SOL’s price had broken above a key resistance level at $16.744 earlier in today’s trading session, but bears were quick to push the altcoin’s price back below the level. Nevertheless, SOL’s price was still trading above the 9-day EMA line at press time, and was looking to break above the 20-day EMA line as well.

If the crypto’s price is able to break above the 20-day EMA in the next 48 hours, then it will have a clear path to the next resistance level at $19.844. On the other hand, failure to close above the technical indicator in the next 2 days will put SOL’s price at risk of dropping to $13.790 in the next week.

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