An anonymous crypto strategist renowned for his accurate altcoin predictions believes that one of Ethereum’s (ETH) competitors is ready to experience significant upward movements.
Known as Bluntz, the analyst informed his 275,500 followers on X that Near (NEAR) has broken through the diagonal resistance of a falling wedge pattern on the three-day chart.
A falling wedge pattern is typically seen as a bullish indicator, suggesting that buyers are intervening to reduce the speed of a decline in an asset’s price.
Bluntz stated,
“The three-day candle is about to close, and NEAR has successfully broken its trend now.”
Upon closer inspection, Bluntz believes that NEAR is mirroring the trajectory of Sui (SUI), another layer-1 protocol, which has seen gains of approximately 120% this month.
“NEAR is showing signs of a breakout following a channel breach.
In such scenarios, a significant breakout is usually on the horizon.”
As of the current writing, NEAR is valued at $5.38, marking a more than 5% increase in the last 24 hours.
The analyst also expresses optimism about the Solana (SOL)-based meme coin dogwifhat (WIF), sharing a chart indicating that WIF has surpassed a resistance level spanning several months.
“Get ready for round 2, are you prepared?”
At the time of writing, WIF is trading at $2.01, significantly above its diagonal resistance level.
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Featured Image: Shutterstock/Elena Abrazhevich/INelson
