A closely watched crypto analyst says a prominent Ethereum (ETH) competitor is gearing up to spark a rally.
In a new strategy session, crypto trader Ali Martinez tells According to its 68,700 followers on social media platform
“I know, the dip keeps going down! However, Solana could be a bullish megaphone on the 4-hour chart. The recent correction at the 61.8% Fibonacci level and the oversold RSI (relative strength index) indicate that this could be a good time to buy SOL.
Consider placing your stop loss around $156-$154 and aiming for a take profit between $200-$259!”
Solana is trading at $156 at the time of writing, down 3.8% over the past day.
We move on to the crypto king, Martinez say that Bitcoin (BTC) bulls were hit when BTC last fell below $63,000, as the dip caused billions of dollars in long positions to be liquidated.
According to the analyst, these emboldened bears themselves are at risk if the leading cryptocurrency, by market cap, shoots past $70,400.
“A bunch of Bitcoin bulls got stretched in this downturn. According to Coinglass data, over $2.50 billion in leveraged long positions were liquidated when BTC fell below $63,000! Now bears are getting cocky. But nearly $2.40 billion in leveraged short positions will be wiped out if BTC returns to $70,440.”
Bitcoin is trading at $63,330 at the time of writing, down marginally over the past 24 hours.
Earlier this week, Martinez made a similar prediction for XRP, the digital asset used to operate Ripple Labs’ payments platform. At the time, the trader said that if the crypto asset were to cross the $0.90 mark, it could trigger a bull run.
XRP is worth $0.558 at the time of writing, down 4.86% in the past 24 hours.
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Generated image: Midjourney