A closely followed crypto analyst says that one prominent Ethereum (ETH) competitor is gearing up to spark a rally.
In a new strategy session, crypto trader Ali Martinez tells his 68,700 followers on the social media platform X that smart contract platform Solana (SOL) could be forming a bullish pattern on its four-hour chart that would see it skyrocket to $259, a 63% gain from its current price.
“I know, the dip keeps dipping! However, Solana might be forming a bullish megaphone on the 4-hour chart. The recent correction to the 61.8% Fibonacci level and oversold RSI (relative strength index) suggests it could be a good time to buy SOL.
Consider placing your stop-loss around $156-$154 and aiming for a take profit between $200-$259!”
Solana is trading for $156 at time of writing, a 3.8% decrease during the last day.
Moving on to the crypto king, Martinez says that Bitcoin (BTC) bulls got pummeled when BTC most recently fell below $63,000 as the dip caused billions of dollars worth of long positions to be liquidated.
According to the analyst, these emboldened bears, are in danger themselves if the top crypto asset by market cap shoots up past $70,400.
“A bunch of Bitcoin bulls got rekt in this downswing. According to data from Coinglass, over $2.50 billion in leveraged long positions got liquidated as BTC dipped below $63,000! Now, bears are getting cocky. But nearly $2.40 billion in leveraged short positions will be wiped out if BTC rebounds to $70,440.”
Bitcoin is trading for $63,330 at time of writing, a marginal decrease during the last 24 hours.
Earlier this week, Martinez made a similar prediction for XRP, the digital asset used to operate Ripple Labs’ payments platform. At the time, the trader said if the crypto asset were to surpass the $0.90 mark, it could spark a bull run.
XRP is worth $0.558 at time of writing, down 4.86% over the last 24 hours.
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Generated Image: Midjourney