A widely followed crypto analyst believes that one Ethereum (ETH) rival is gearing up for a parabolic move.
In a new strategy session, crypto trader Ali Martinez tells his 68,300 followers on the social media platform X that Solana (SOL) could put up a more than 400% gain based on historical precedence.
“Solana is looking a lot like July 2021 – $1,000 SOL coming soon!”
Looking at the analyst’s chart, he suggests that Solana may be breaking out of a descending triangle for a bullish reversal similar to in July 2021, when SOL soared from around $34 to an all-time high (ATH) of about $260 in November 2021.
Solana is trading for $181 at time of writing, up 6.8% in the last 24 hours.
Next up, the analyst says Bitcoin’s (BTC) relative strength index (RSI) – a momentum oscillator used to analyze whether an asset is overbought or oversold – is flashing bullish.
“Bitcoin is signaling a potential bullish breakout as its RSI on the hourly charts breaks through a downward trendline established since July 19th!”
The analyst also says that Bitcoin exchange-traded funds (ETF) continue to attract investor inflows, indicating bullish momentum.
“Since spot Bitcoin ETFs started trading five and a half months ago, their demand has far exceeded the new BTC supply.”
Bitcoin is trading for $67,543 at time of writing, up 4.4% in the last 24 hours.
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Featured Image: Shutterstock/kawephoto/WindAwake
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