Economist Henrik Zeberg is turning bullish on a rival to Ethereum (ETH) while predicting a broader breakout in the altcoin market.
Zeberg tells his 171,400 followers on social media platform X that Solana (SOL) may be about to soar after a pullback.
The analyst uses Elliott wave theory to forecast a massive Solana run. The theory states that an asset tends to witness a five-wave rally, with the third wave being the longest and strongest upward movement.
“The high season has begun and is now about to move into its most explosive phase. Solana has been leading after a sharp pullback in the second wave. “You should now begin your most powerful move towards your ultimate goal.”
Solana is trading at $196 at the time of writing, down 5.5% over the last seven days.
Zeberg also believes that altcoins will now begin to outperform Bitcoin (BTC) during this phase of the market cycle.
“The third wave in alts now begins. Wait!”
The analyst predicts that Bitcoin will rise in the short term as 2025 begins.
“BTC update! I just touched the 50-day daily simple moving average. I still see this as a possible wave two in an ascending wedge. It’s my working hypothesis. We should see a good rebound through early January!”
Bitcoin is trading at $98,871 at the time of writing, unchanged on the day.