Crypto Trader Says Massively Bearish Solana Target Still in Play, Unveils Outlook for Bitcoin and Ethereum
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.”
Source: Ali Martinez/ X
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.
Source: Ali Martinez/ X
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.
Source: Ali Martinez/ X
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!”
Source: Ali Martinez/ X
Ethereum is trading at $1,582 at time of writing.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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