Crypto Analyst Says Top Ethereum Rival Mimicking 2021-Style Price Action, Could Explode by Over 400% ‘Soon’

A widely followed crypto analyst believes that one Ethereum (ETH) rival is gearing up for a parabolic move.

In a new strategy session, crypto trader Ali Martinez tells his 68,300 followers on the social media platform X that Solana (SOL) could put up a more than 400% gain based on historical precedence.

“Solana is looking a lot like July 2021 – $1,000 SOL coming soon!”

Image
Source: Ali Martinez/X

Looking at the analyst’s chart, he suggests that Solana may be breaking out of a descending triangle for a bullish reversal similar to in July 2021, when SOL soared from around $34 to an all-time high (ATH) of about $260 in November 2021.

Solana is trading for $181 at time of writing, up 6.8% in the last 24 hours.

Next up, the analyst says Bitcoin’s (BTC) relative strength index (RSI) – a momentum oscillator used to analyze whether an asset is overbought or oversold – is flashing bullish.

“Bitcoin is signaling a potential bullish breakout as its RSI on the hourly charts breaks through a downward trendline established since July 19th!”

Image
Source: Ali Martinez/X

The analyst also says that Bitcoin exchange-traded funds (ETF) continue to attract investor inflows, indicating bullish momentum.

“Since spot Bitcoin ETFs started trading five and a half months ago, their demand has far exceeded the new BTC supply.”

Image
Source: Ali Martinez/X

Bitcoin is trading for $67,543 at time of writing, up 4.4% in the last 24 hours.

Comments

Post a Comment

Popular posts from this blog

Bitcoin slicing through this resistance could send it over $47k

Image
Although the majority of assets in the cryptocurrency sector got off to a slow start this week, Bitcoin (BTC) could be looking at a massive advance toward and beyond the threshold of $47,000 soon, provided it manages to break the key resistance that currently stands in its way. As it happens, Bitcoin’s realized price distribution (URPD) or unspent transactions output (UTXO), or the amount remaining after every transaction, suggests that the maiden cryptocurrency is facing “stiff resistance at $38,500,” as noted by crypto market analyst Ali Martinez in an X post on November 26. Having said that, the crypto trading expert also observed that the flagship decentralized finance (DeFi) asset “slicing through this barrier could help BTC advance toward $47,360,” which is the next significant point in the chart Analysis that Martinez shared. Bitcoin UTCO realized price distribution. Source: Ali Martinez Specifically, UTXO UPRD shows at which prices the current Bitcoin UTXOs appeared, ea...
Read more

Binance faces calls for ban by Nigerian Bureau De Change association

Image
Gwadabe reportedly emphasized that Binance trading has increasingly established itself as a central point for both the Investor and Exporters window as well as the parallel market. Binance continues to experience an increase in regulatory heat as the Federal Government of Nigeria is being urged by the Association of Bureau De Change Operators of Nigeria (ABCON) to prohibit the activities of Binance within the nation. ABCON is a self-regulatory body and an umbrella for all the central bank-licensed Bureaux de Change (BDC). This action comes in response to the association reportedly recognizing Binance as a significant contributor to the pressure on the naira. As reported by Nairametrics, a local news agency, Alhaji Aminu Gwadabe, president of ABCON, provided this counsel in an interview held on Aug. 8 in Lagos. Gwadabe reportedly emphasized that Binance trading has increasingly established itself as a central point for both the Investor and Exporters window as well as the parallel mar...
Read more

SEC to seek interlocutory appeal in Ripple case

Image
The SEC's interlocutory appeal comes nearly a month after Judge Analisa Torres laid out her non-final ruling. The United States Securities and Exchange Commission has filed a letter of intent to request an interlocutory appeal to Judge Analisa Torres’ July 13th summary judgment in its ongoing legal battle against Ripple Labs. In an Aug. 9 letter to Judge Torres, the SEC explained it believed her decision warrants a fresh look by an appellate court. “Interlocutory review is warranted here. These two issues involve controlling questions of law on which there is substantial ground for differences of opinion as reflected by an intra-district split that has already developed," the SEC wrote. The SEC added a "timely appellate review' is warranted given the number of actions currently pending that may be affected by how the Court of Appeals resolves the issues at hand. The filing comes nearly a month after Ripple scored a partial victory over the regulator over the legal ...
Read more