A closely watched crypto trader thinks an Ethereum (ETH) challenger may be on the cusp of a breakout rally.
Crypto trader Ali Martinez tells his 40,000 followers on social media platform X that Solana (SOL) is forming a bullish continuation pattern on the hourly chart.
The analyst shares a chart that suggests the SOL could rise to levels last seen about two years ago if it manages to clear its immediate resistance at $110.
“It says on the hourly chart Solana shows signs of forming a bull flag. A decisive close above the $110 resistance level could be the catalyst for significant upside move! If this pattern holds, we might be able to see it SOL on our way to an ambitious goal of $163.”
At the time of writing, Solana is worth $99.54.
Looking at fellow Ethereum rival Cardano (ADA), Martinez says the altcoin appears to be mirroring the price action of mid-2021, when it consolidated above a key price area before igniting into a parabolic wave.
“So far, Cardano price action reflects 2018-2020 pattern! If this trend continues, we might just see it ADA consolidate around current levels until April, paving the way for a possible resumption of the bull run.”
Based on the trader’s chart, he seems to predict that Cardano could rise to $8.00 by 2025. At the time of writing, ADA is worth $0.516.
As for the XRP payment network, Martinez says the sixth-largest cryptocurrency by market capitalization continues to trade within an ascending parallel channel. According to the analyst, XRP is in a position to witness rallies as it is currently at the diagonal support of the bullish pattern that has been holding since mid-2022.
“From this perspective, the governance pattern is behind it XRP price action since June 2022 appears to be a bullish parallel channel. If this pattern continues, XRP could find its way to the middle or upper limits of the channel, which are currently $0.80 and $1.10 respectively.”
At the time of writing, XRP is worth $0.57.
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Generated image: Midjourney