Ethereum Competitor Shows Bullish Pattern, Potential 63% Surge Predicted by Crypto Trader
A well-known crypto analyst has suggested that a major competitor of Ethereum is poised to initiate a significant surge. In a recent analysis, trader Ali Martinez conveyed to his substantial following on the social media platform X that Solana, a smart contract platform, may be in the process of forming a bullish pattern on its four-hour chart, potentially leading to a substantial rise to $259, representing a 63% increase from its current value.
Martinez highlighted the potential bullish megaphone formation on Solana’s 4-hour chart, noting the recent correction to the 61.8% Fibonacci level and the oversold state of the RSI (relative strength index) as indicators that now could be an opportune moment to consider acquiring SOL. He recommended setting stop-loss levels around $156-$154 and targeting profits between $200-$259.
Solana is presently trading at $156, reflecting a 3.8% decline over the past day. Shifting focus to Bitcoin, Martinez pointed out that the recent dip below $63,000 had a significant impact on BTC bulls, resulting in the liquidation of billions of dollars’ worth of long positions. He cautioned that if Bitcoin surpasses $70,400, the bears could face significant risks.
The downswing experienced by Bitcoin led to the liquidation of over $2.50 billion in leveraged long positions as it dropped below $63,000. Martinez highlighted that a rebound to $70,440 could potentially wipe out nearly $2.40 billion in leveraged short positions. Bitcoin is currently trading at $63,330, showing a slight decrease over the last 24 hours.
Earlier this week, Martinez made a similar prediction for XRP, suggesting that if the digital asset surpasses the $0.90 mark, it could trigger a bullish trend. XRP is currently valued at $0.558, marking a 4.86% decrease in the past 24 hours.
It is important to note that the opinions expressed in this analysis are not intended as investment advice, and individuals should conduct their own research before engaging in high-risk investments in cryptocurrencies or digital assets. All trading activities carry inherent risks, and individuals should be aware that any losses incurred are their responsibility.
