Cryptocurrency trader and analyst Ali Martinez is leaning bearish on Solana (SOL) while updating his outlook on Bitcoin (BTC) and Ethereum (ETH).
Starting with Solana, Martinez tells his 135,500 followers on the social media platform X that the sixth-largest crypto asset by market cap could fall by up to 48% from the current level if SOL fails to break above the resistance area that lies below the $138 price.
“For all we know, Solana might be retesting the breakout zone from a right-angled ascending broadening pattern, with the $65 target still in play.”
Solana is trading at $125 at time of writing.
Turning to Bitcoin, Martinez says that the crypto king’s support zone at around $82,024 is a “level worth watching closely” as 96,580 BTC were accumulated at that price, according to data from analytics platform Glassnode. Accumulation patterns are on-chain metrics used to determine where buyer interest could potentially be found if the price falls to that level.
Bitcoin is trading at $83,999 at time of writing.
Next up is Ethereum. According to the crypto analyst and trader, Ethereum could be “gearing up for a major rebound” as the Tom DeMark (TD) Sequential indicator is flashing a bullish signal on the weekly time frame. The TD Sequential indicator is a tool in technical analysis used to identify potential trend reversal points on price charts.
Citing Glassnode’s data, Martinez further says that Ethereum is currently sitting above a major support level, going by the crypto asset’s accumulation patterns.
“The most critical support for Ethereum sits at $1,546.55, where 822,440 ETH were previously accumulated. A level worth watching closely!”
Ethereum is trading at $1,582 at time of writing.
Follow us on X, Facebook and Telegram
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Generated Image: Midjourney
Read the full article here
Follow us on Google News to get the latest Updates
