An analyst known for making timely crypto calls believes one Ethereum (ETH) rival is now forming a market bottom.

Pseudonymous analyst Bluntz tells his 337,200 followers on X that Solana (SOL) is likely completing a three-wave correction and could soon enter a long-term bullish phase.

Bluntz practices the Elliott Wave theory, which states that a bullish asset tends to witness a five-wave rally after going through an the ABC correction.

“Anybody who’s not a tourist and has actually witnessed multiple cycles knows this is an amazing long-term SOL entry. For the record, the reason I’m bull-posting SOL more than anything else is, in my opinion, it is the absolute clearest picture of every coin. Nothing else even comes close to the very obvious five up and abc down on the weekly apart from possibly [Strategy] MSTR.”

Looking at his three-day chart, the analyst suggests that Solana is bottoming around the $87 level and may soar to $450 by mid-2027.

Analytics firm Santiment also says that Solana may have formed a market bottom after a massive of amount of investments were removed from SOL’s exchange-traded funds (ETFs).

“Solana ETFs quietly saw -$11.9M in outflows, the second biggest ever move of money moving out. In the past four months, SOL has lost -62% of its market cap, and it appears traders are getting closer to capitulation. Major outflows are historically a bottom signal.”

Solana is trading for $83 at time of writing, down 5.4% in the last 24 hours.