A widely followed crypto analyst says a smart contract platform could make huge profits if he updates his views on Bitcoin (BTC) and Dogecoin (DOGE).
In a new strategy session, crypto trader Ali Martinez tells are 68,2000 followers on the social media platform
“Solana has officially broken out of this bull pennant, signaling a potential 900% rally.”
The strategist’s chart suggests Solana will break out by late summer and climb towards the $1,600 price tag through early 2025.
Solana is trading at $170.97 at the time of writing, down 5.3% over the past 24 hours.
Heading into the top digital assets by market capitalization, Martinez says it could potentially be hit by a wave of upcoming liquidations as it bounces back towards $65,200.
“BTC could recover to $65,200 to liquidate $42.16 million in short positions!”
Bitcoin is trading at $64,659 at the time of writing, down 2.5% over the past 24 hours.
Concluding his analysis with Dogecoin, Martinez says it is a popular meme asset as a sequel to a familiar pattern – where it shows big dips before finally skyrocketing.
“I haven’t sold a single DOGE yet. I just bought! Dogecoin plays the same pattern we have seen before. It consolidates in a descending triangle, rallies 140% to 230% and returns 56% to 60% before entering a bull run. So now we just have to wait and see!!!”
In the short term, Martinez says for eyes DOGE rises by 44%. DOGE is trading at $0.123 at the time of writing, down 5.7% on the day.
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Generated image: Midjourney