Economist Henrik Zeberg is turning bullish on one Ethereum (ETH) rival while predicting a broader altcoin market breakout.
Zeberg tells his 171,400 followers on the social media platform X that Solana (SOL) may be about to surge after a retracement.
The analyst uses the Elliott Wave theory to forecast a massive run for Solana. The theory states that an asset tends to witness a five-wave rally with wave three being the longest and the strongest move up.
“Altseason has begun and is now about to move into its most explosive phase. Solana has been leading after a strong wave two pullback. It should now begin its most powerful move up towards its final target.”
Solana is trading at $196 at time of writing, down 5.5% in the last seven days.
Zeberg also believes altcoins will now start outperforming Bitcoin (BTC) during this phase of the market cycle.
“Wave three in alts now beginning. Hold on!”
The analyst predicts Bitcoin will head higher in the short term as 2025 kicks off.
“BTC update! Just touched down on daily 50-day simple moving average. Still see this as a potential wave two in a rising wedge. It is my working hypothesis. We should see a nice rally into early January!”
Bitcoin is trading for $98,871 at time of writing, flat on the day.
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Featured Image: Shutterstock/Quardia
