A closely watched crypto analyst says a competitor to Solana (SOL) could rise 30% as he updates his view on Bitcoin (BTC) and other digital assets.
In a new strategy session, crypto trader Ali Martinez tells According to its 69,600 followers on social media platform
“The TD Sequential presented a buy signal on the SUI weekly chart. A sustained close above the 50-week moving average could trigger a 30% rise to $1.20!”
The Tom DeMark (TD) Sequential Indicator is a benchmark used by traders to predict reversal points for an asset’s price.
SUI is trading at $0.843 at the time of writing, up fractionally over the past 24 hours.
Elaborating on decentralized finance (DeFi) protocol Aave (AAVE), Martinez says the altcoin could see a 27% correction as it tends to fall after the TD Sequential shows a sell signal on the daily chart, which according to the trader happened recently.
“The last four times the TD Sequential showed a sell signal on the AAVE daily chart, it was followed by an average correction of 27%. The same sell signal appears now, indicating a possible decline for AAVE.”
AAVE is valued at $135.47 at the time of writing, down 1.1% over the last day.
The strategist continues remark that layer-2 scale solution Polygon (MATIC) is also facing a correction after days of upside momentum.
“Polygon has seen a significant increase in recent days, but caution is advised. The TD Sequential on the hourly chart signals a possible correction for MATIC.”
MATIC is trading at $0.52 at the time of writing, a gain of 8.4% over the last 24 hours.
Concluding his analysis with the crypto king Martinez say based on history, BTC is still in the early stages of its post-halving bull cycle. The trader too notes that the digital asset sector tends to rise after the stablecoin Tether (USDT) was widely minted.
“It has been 119 days since the Bitcoin halving in 2024. In the last two cycles, BTC reached a market top about 530 days after the halving. If history repeats itself, we are still in the early stages of this cycle!”
Bitcoin is trading at $60,330 at the time of writing.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
Follow us further X, Facebook And Telegram
Surf to the Daily Hodl mix
Generated image: DALLE3
