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

Shiba Inu: 5.9 Trillion SHIB Up For Sale, Another Dip Coming?

Image
According to statistics from IntoTheBlock, 5.9 trillion Shiba Inu (SHIB) tokens are presently for sale, with an average price of $0.000017. The sale would liquidate about $100 million worth of SHIB tokens. The platform also shows that traders have placed buy orders for 3.4 trillion SHIB tokens, leaving 2.5 trillion tokens in excess in the market. Also Read: Shiba Inu: You Can Now Be A SHIB Millionaire For Just $16 Shiba Inu (SHIB) Market Overview Potential Price Dip Source: IntoTheBlock The increase in supply could potentially lead to a price dip for the popular meme coin. SHIB is currently down by: 3.6% in the daily charts 2.4% in the weekly charts 15.3% in the 14-day charts 7.5% over the previous month The asset has struggled to gain momentum since March when it hit a two-year peak of $0.000036. Source: CoinGecko Market Slump Reasons The current market slump is likely because Bitcoin (BTC) falls below $65,000. On the other hand, BTC’s dip could be due to fears around the Mt. Gox...
Read more

Shiba Inu: New Forecast Indicates SHIB To Rise 250%, Hit $0.00005

Image
Shiba Inu is currently trading around the $0.00001661 mark on Wednesday and mostly remains on the back foot. SHIB shed nearly 35% of its value in a month and is bleeding in the charts. The last it rallied was in March 2024 when it surged 280% in a month on the heels of the Bitcoin halving event. Since then, SHIB has been on a downward spiral with little to no price spurts in the last three months. Also Read: Shiba Inu: Employees To Resign From Work If SHIB Rises 100,000% However, a new forecast indicates that Shiba Inu could kick-start its bull run and surge by nearly 250%. The latest price prediction forecasts that SHIB might replicate its March 2024 bull run during the second half of 2024. The forecast estimates that SHIB is consolidating in price and could catapult to a new yearly high. Shiba Inu: Latest Forecasts Suggest SHIB To Hit $0.00005, Surge 250% Source: Unsplash A leading Trading View cryptocurrency analyst ‘Alikze’ shared a chart showcasing that Shiba Inu could ...
Read more

Steroids for crypto: 'JuicePal' sentenced to 8 years behind bars

A New York-based drug dealer who US ed crypto to launder millions of dollars from an illegal steroid distribution operation has received an eight-year prison sentence , the Department of J US tice (DoJ) has announced.   Thirty-two-year-old James Charles Rivera, known on the dark web as “JuicePal,” distributed illicit steroids in almost every state in the US. He also sold to customers from the UK, Canada, Germany, Australia, and countries across the European Union. Rivera, who was based abroad, ran his operation between 2018 and 2021 alongside several co-conspirators who helped him to produce the Drugs , ship them to c US tomers, and move the proceeds. He reportedly made millions . Drug gang used Coinbase to launder crypto from prison Read more: Centralized crypto exchanges used to buy $32M in fentanyl precursors: Elliptic As described by Chad Plantz, a special agent in charge of homeland security investigations in San Diego, “The egregious criminal conspiracy attempted to util...
Read more