A widely followed cryptocurrency analyst and trader is turning bearish on Ethereum (ETH) competitor Solana (SOL).

The analyst pseudonymously known as Bluntz tells his 273,500 followers on social media platform X that SOL against Bitcoin (SOL/BTC) may soon plummet in value.

“SOL/BTC on weekly looks horrid, legit looks proper topped out to me with the complacency shoulder and everything. Still hard to call tops on the market here though.

I could see a world where SOL/BTC has topped because money starts finally rotating into ETH albeit taking that view has been a legit mental illness all cycle.

Tough to have strong conviction in direction here but I do know one thing, this chart looks absolutely abysmal.”

Source: Bluntz/X

He uses the Elliott Wave theory, which attempts to forecast price movements based on crowd psychology that is manifested in waves. The Elliott Wave theory suggests that price impulses happen in five waves after three-wave “ABC” corrections. Looking at his chart, the analyst suggests SOL/BTC is starting to form a corrective C wave and the pair could drop below 0.0015 BTC ($89.21).

SOL/BTC is trading for 0.0022875 BTC ($135.68) at time of writing.

However, other crypto analysts are bullish on SOL.

Pseudonymous crypto trader Kaleo tells his 645,400 followers on the social media platform X that SOL may be gearing up for a massive breakout after testing lower support levels.

“Nearly there.”

Source: Kaleo/X

Looking at his chart, the analyst suggests Solana may bottom after dipping below $129 and then rally to $220.

Meanwhile, pseudonymous trader and analyst Cheds tells his 334,600 followers on the social media platform X that Solana has entered a price level that is historically attractive to buyers and could soon bounce higher.

“SOL back to daily demand zone.”

Source: Cheds/X

Generated Image: DALLE-3