A widely followed crypto analyst says that Ethereum (ETH) rival Solana (SOL) could be gearing up for a large rally after printing a bullish technical pattern.
Analyst Ali Martinez tells his 69,000 followers on the social media platform X that SOL is potentially printing an Adam and Eve pattern.
An Adam and Eve pattern is viewed as a bullish reversal formation as an asset threatens to take out its horizontal resistance after carving a bottom.
Says Martinez,
“Solana might be shaping up for an Adam and Eve pattern, suggesting a potential rise to $164. If SOL clears that resistance, we could see a 33% surge toward $220!”
At time of writing, SOL is trading for $158, a slight increase in the past day.
Looking at another large-cap altcoin, Martinez says BNB, the native token of the BNB Chain ecosystem, is looking bearish based on the Tom Demark (TD) sequential indicator.
The TD sequential indicator is a technical analysis tool designed to identify trend exhaustion and potential price reversals based on the closing prices of a given number of periods.
Martinez’s chart shows the indicator flashing a bearish signal just below the $600 mark for BNB.
Says Martinez,
“The TD Sequential presents a sell signal on the BNB daily chart!”
At time of writing, BNB is trading for $570, down over 1% on the day.
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