Economist Henrik Zeberg expresses optimism about an Ethereum (ETH) rival while predicting a broader altcoin market breakthrough.
Zeberg tells his 171,400 followers on social media platform X that Solana (SOL) may be on the verge of a rise after a retracement.
The analyst uses Elliott Wave Theory to predict a massive surge for Solana. The theory states that an asset tends to experience a five-wave rally, with wave three representing the longest and strongest upward move.
“The old season has begun and is now about to enter its most explosive phase. Solana was in the lead after a strong pullback in wave two. It should now begin its most powerful push toward its ultimate goal.”
Solana is trading at $196 at the time of writing, down 5.5% over the past seven days.
Zeberg also believes that altcoins will now begin to outperform Bitcoin (BTC) at this stage of the market cycle.
“Wave three in the alts begins now. Hold onto!”
The analyst predicts that Bitcoin will rise in the short term at the beginning of 2025.
“BTC update! I just hit the 50 day simple moving average. Still consider this a possible wave two in a rising wedge. It’s my working hypothesis. We should see a nice…
