Crypto analyst Ali Martinez expresses bullish sentiment on Solana (SOL), amid triple-digit percentage gains by its Ethereum (ETH) rival this year.
Martinez tells According to his 34,500 followers on social media platform
“A sustained close above $68.20 will trigger a bullish breakout towards $90. But beware of the $60 support! Any sign of weakness around this level could trigger a spike in profit-taking, driving SOL to $47.”
Solana is trading at $71.68 at the time of writing – an increase of approximately 619% from its 2023 opening price of $9.97.
As for Bitcoin (BTC), Martinez contours key support and resistance areas that Bitcoin could test in the short term.
“Bitco is at a stable support at $42,700. This level is significant as 642,000 wallets here purchased 347,000 BTC.
Should the bullish trend continue, we may see a push toward the next major supply zone at $47,300, where 614,000 wallets hold 427,000 BTC.
However, if the $42,700 support breaks through, all eyes will turn to the $38,000 mark as the next critical area to watch.”
Bitcoin is trading at $43,423 at the time of writing.
As for Chainlink (LINK), Martinez urges investors and traders to exercise caution regarding the leading blockchain oracle.
“Chainlink is trading above a major support zone! More than 17,000 addresses purchased 47 million LINKs between $14.40 and $14.80.
Although this level can persist and cause a rebound, be careful! Any sign of weakness could prompt investors to sell some of their LINK investments to avoid losses.”
Chainlink is trading at $16.42 at the time of writing.
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