A well-known cryptocurrency analyst, Bluntz, forecasts a significant price surge for a Solana (SOL)-based memecoin named SPX6900 (SPX). Addressing his 320,800 followers on social media platform X, he says the coin has completed an ABC corrective wave on the eight-hour chart, signaling a firm bottom.
Bluntz applies the Elliott Wave theory, which suggests rallies often follow after ABC corrections. He commented, “Perfect SPX pullback here after testing prior all-time high for the first time, the next test blasts through in my opinion, still one of the best charts with a market cap under $1 billion.” Based on his analysis, SPX could rise to $2.10. Currently, SPX trades at $1.47, up 17.5% in the past 24 hours.
In addition to SPX, Bluntz is optimistic about the AI-focused crypto asset ai16z (AI16Z). He notes that AI16Z seems to be entering an upward trend after retesting a key Fibonacci retracement level at $0.16. Traders use Fibonacci retracement to identify potential price support and resistance.
He stated, “Long ai16z again here was one leg too early the other week, but looking like a strong reaction from the 0.78 fib here and still looks like a clear five up and subsequent abc correction. Expecting fresh highs above $0.45.” AI16Z is currently trading at $0.17, up 7% in 24 hours.