Solana has been trading sideways between $29 and $33 since October 23rd, but according to crypto analyst Bluntz, this consolidation is setting the stage for SOL’s next rally.
In a recent tweet, Bluntz notes that Solana’s relative strength index (RSI) is cooling off during this range-bound action. To him, this indicates SOL is gathering momentum before breaking out higher.
Bluntz believes the next leg up will commence sometime next week. He points to the widespread disbelief about Solana’s recent outperformance as a contrarian indicator that the rally has further room to run.
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Despite skepticism among some traders, SOL has outpaced both Bitcoin and Ethereum in recent weeks. According to Bluntz, this relative strength underscores Solana’s bullish technical setup.
Now that SOL appears to be recharging above key support around $29, Bluntz expects an imminent breakout. With the RSI resetting and oversold conditions cleared, Solana seems poised to continue its uptrend next week after gathering steam during this brief consolidation.
The coming days will reveal whether Bluntz’s analysis proves correct. But based on building momentum, he sees SOL staged for its next rally phase shortly.
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