Best of the Week
Most Popular
1. Investing in a Bubble Mania Stock Market Trending Towards Financial Crisis 2.0 CRASH! - 9th Sep 21
2.Tech Stocks Bubble Valuations 2000 vs 2021 - 25th Sep 21
3.Stock Market FOMO Going into Crash Season - 8th Oct 21
4.Stock Market FOMO Hits September Brick Wall - Evergrande China's Lehman's Moment - 22nd Sep 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.How to Protect Your Self From a Stock Market CRASH / Bear Market? - 14th Oct 21
7.AI Stocks Portfolio Buying and Selling Levels Going Into Market Correction - 11th Oct 21
8.Why Silver Price Could Crash by 20%! - 5th Oct 21
9.Powell: Inflation Might Not Be Transitory, After All - 3rd Oct 21
10.Global Stock Markets Topped 60 Days Before the US Stocks Peaked - 23rd Sep 21
Last 7 days
WARNING - AI STOCK MARKET CRASH / BEAR SWITCH TRIGGERED! - 19th Jan 22
Fake It Till You Make It: Will Silver’s Motto Work on Gold? - 19th Jan 22
Crude Oil Smashing Stocks - 19th Jan 22
US Stagflation: The Global Risk of 2022 - 19th Jan 22
Stock Market Trend Forecast Early 2022 - Tech Growth Value Stocks Rotation - 18th Jan 22
Stock Market Sentiment Speaks: Are We Setting Up For A 'Mini-Crash'? - 18th Jan 22
Mobile Sports Betting is on a rise: Here’s why - 18th Jan 22
Exponential AI Stocks Mega-trend - 17th Jan 22
THE NEXT BITCOIN - 17th Jan 22
Gold Price Predictions for 2022 - 17th Jan 22
How Do Debt Relief Services Work To Reduce The Amount You Owe? - 17th Jan 22
RIVIAN IPO Illustrates We are in the Mother of all Stock Market Bubbles - 16th Jan 22
All Market Eyes on Copper - 16th Jan 22
The US Dollar Had a Slip-Up, but Gold Turned a Blind Eye to It - 16th Jan 22
A Stock Market Top for the Ages - 16th Jan 22
FREETRADE - Stock Investing Platform, the Good, Bad and Ugly Review, Free Shares, Cancelled Orders - 15th Jan 22
WD 14tb My Book External Drive Unboxing, Testing and Benchmark Performance Amazon Buy Review - 15th Jan 22
Toyland Ferris Wheel Birthday Fun at Gulliver's Rother Valley UK Theme Park 2022 - 15th Jan 22
What You Should Know About a TailoredPay High Risk Merchant Account - 15th Jan 22
Best Metaverse Tech Stocks Investing for 2022 and Beyond - 14th Jan 22
Gold Price Lagging Inflation - 14th Jan 22
Get Your Startup Idea Up And Running With These 7 Tips - 14th Jan 22
What Happens When Your Flight Gets Cancelled in the UK? - 14th Jan 22
How to Profit from 2022’s Biggest Trend Reversal - 11th Jan 22
Stock Market Sentiment Speaks: Are We Ready To Drop To 4400SPX? - 11th Jan 22
What's the Role of an Affiliate Marketer? - 11th Jan 22
Essential Things To Know Before You Set Up A Limited Liability Company - 11th Jan 22
NVIDIA THE KING OF THE METAVERSE! - 10th Jan 22
Fiscal and Monetary Cliffs Have Arrived - 10th Jan 22
The Meteoric Rise of Investing in Trading Cards - 10th Jan 22
IBM The REAL Quantum Metaverse STOCK! - 9th Jan 22
WARNING Failing NVME2 M2 SSD Drives Can Prevent Systems From Booting - Corsair MP600 - 9th Jan 22
The Fed’s inflated cake and a ‘quant’ of history - 9th Jan 22
NVME M2 SSD FAILURE WARNING Signs - Corsair MP600 1tb Drive - 9th Jan 22
Meadowhall Sheffield Christmas Lights 2021 Shopping - Before the Switch on - 9th Jan 22
How Does Insurance Work In Europe? Find Out Here - 9th Jan 22
MATTERPORT (MTTR) - DIGITIZING THE REAL WORLD - METAVERSE INVESTING 2022 - 7th Jan 22
Effect of Deflation On The Gold Price - 7th Jan 22
Stock Market 2022 Requires Different Strategies For Traders/Investors - 7th Jan 22
Old Man Winter Will Stimulate Natural Gas and Heating Oil Demand - 7th Jan 22
Is The Lazy Stock Market Bull Strategy Worth Considering? - 7th Jan 22
METAVERSE - NEW LIFE FOR SONY AGEING GAMING GIANT? - 6th Jan 2022
What Elliott Waves Show for Asia Pacific Stock and Financial Markets 2022 - 6th Jan 2022
Why You Should Register Your Company - 6th Jan 2022
4 Ways to Invest in Silver for 2022 - 6th Jan 2022
UNITY (U) - Metaverse Stock Analysis Investing for 2022 and Beyond - 5th Jan 2022
Stock Market Staving Off Risk-Off - 5th Jan 2022
Gold and Silver Still Hungover After New Year’s Eve - 5th Jan 2022
S&P 500 In an Uncharted Territory, But Is Sky the Limit? - 5th Jan 2022

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

So... This Happened! One Crypto Goes From "Little-Known" -to- "Top 10" in 6 Weeks

Currencies / cryptocurrency Sep 18, 2021 - 04:53 PM GMT

By: EWI

Currencies

SOL surges 10x in six weeks, outshining crypto kings like Bitcoin and Ethereum. See how you could have seen the rally coming.

The world's financial authorities continue toggling back and forth between banning digital currency transactions one day, and predicting hyperbitcoinization -- i.e., bitcoin becoming fiat currency -- the other.

All the while high-profile gazillionaires like Elon Musk stir the pot with metaphorical nursing tweets about "pumping not dumping" bitcoin.

Thus, it's hard to remember bitcoin is NOT the only sheriff in town. There are hundreds of listed tokens quietly making huge waves in their much smaller pools. One such name is Solana, a lower altcoin who, between July 20 and September 9, actually outperformed the leading crypto kings.


While Solana stood at a much more accessible $22 at its July 20 low, Bitcoin stood just under $30,000. And yet, only one of these two currencies surged tenfold from that low to all-time highs in the ensuing month.

That would've been Solana!

In fact, Solana's incredible run catapulted it into the elite list of "Top 10" cryptos, for the 10th ranking. And everyone from the August 16 Forbes -- "Solana Hits New All-Time High" -- to the August 16 Public UK -- "Solana Price on a Roar!" -- stood up and paid attention to the action.

An August 24 Coin Telegraph had this stunning testament to the new-found fervor for Solana:

"Institutional investors bet big on Solana... with one-third of inflows to crypto investment products being invested in instruments tracking Solana this past week.

"According to CoinShares' Monday 'Digital Asset Fund Flows Weekly' report, $7.1 million flowed into Solana investment products between Aug. 15 and Friday."

The problem is, according to mainstream wisdom, nobody could've foreseen Solana going from back-of-the-line lagger to leader of the race. Said one August 17 news source:

"Its native SOL token has been the stand-out performer during the recent cryptocurrency surge of the last few days.

"The reason for the sudden and dramatic interest in Solana's open infrastructure blockchain has left many analysts scratching their heads."

Many, but not all.

On July 11, our Crypto Pro Service analyst Tony Carrion set the stage for a very bullish scenario. Tony showed the following SOLUSD chart, which pegged prices at the end of a fourth-wave Elliott wave correction.

The next move due was a fifth wave rally -- to new highs:

"We have structural support at 26.73, and hopefully the market won't need to go below that. The bottom line is that we'd want to see 38.08 exceeded, and ultimately a move above 44.10 to bolster the bullish scenario that is unfolding."

And this is what followed: SOL soared four-fold to record highs!

Then, as SOL penetrated $90 mark, the August 29 Crypto Pro Service revisited the crypto with a new, updated forecast; one that called for still higher prices even as the mainstream experts continued to scratch their heads as to why the crypto was rallying in the first place. In Tony's words:

"Apparently, a number of fundamental guys are still trying to figure out why Solana is doing this. As I've said many times, fundamental analysis is basically useless in trying to calculate price moves.

"Elliott wave analysis is far superior; it allowed us to use the .618 multiple of wave 1 to calculate where 5 might move, when it was trading way back in the 20's.

"Wave 5 isn't finished. We're not inclined to stand in the way of this move and will see what the market does. There are still higher projections using Fibonacci ratios. Heck, we could get all the way above $200."

And, a move to above $200 on September 9 is what followed!

It's commonly said that crypto markets are loose cannons with unpredictable trends.

We believe that's true -- IF you don't have the right tools to analyze price action.

We don't claim that Elliott waves are a crystal ball, of course. But patterns of investor and trader psychology are at play in cryptos, too -- making this "unpredictable" market quite the opposite.

Right now, our friends at EWI are hosting a Crypto-trader event (FREE): Now thru Sept. 23 Elliott Wave International opens the doors to their trader-focused Crypto Pro Service. FREE for 7 days, you get objective intraday + daily forecasts for Bitcoin, Ethereum + 6 more cryptos. PLUS, get up-to-speed at the free "kick-off" webinar with EWI's Crypto Pro Service editor Tony Carrion. Discover details and join in at elliottwave.com now.

This article was syndicated by Elliott Wave International and was originally published under the headline So... This Happened! One Crypto Goes From "Little-Known" -to- "Top 10" in 6 Weeks. EWI is the world's largest market forecasting firm. Its staff of full-time analysts led by Chartered Market Technician Robert Prechter provides 24-hour-a-day market analysis to institutional and private investors around the world.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in