By The Daily Hodl - 4 months ago - Reading Time: 2 minutes
Ethereum Rival That’s Exploded Over 600% Year-to-Date on the Cusp of Another Bullish Breakout, Says Analyst
Crypto analyst Ali Martinez is expressing bullish sentiment on Solana (SOL) amid triple-digit-percentage gains by the Ethereum (ETH) competitor this year.
Martinez tells his 34,500 followers on the X social media platform that Solana could surge by around 25% from the current level if the bullish momentum is maintained.
“A sustained close above $68.20 will trigger a bullish breakout toward $90. But watch out for the $60 support! Any sign of weakness around this level can trigger a spike in profit-taking that sends SOL to $47.”
Source: ali_charts/XSolana is trading at $71.68 at time of writing – up by around 619% from the 2023 opening price of $9.97.
Turning to Bitcoin (BTC), Martinez outlines key support and resistance areas that Bitcoin could test over the short term.
“Bitcoin sits on stable support at $42,700. This level is significant, as 642,000 wallets have bought 347,000 BTC here.
Should the bullish trend continue, we might 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, all eyes will turn to the $38,000 mark as the next critical area to watch.”
Source: ali_charts/XBitcoin is trading at $43,423 at time of writing.
Turning to Chainlink (LINK), Martinez urges investors and traders to be cautious about the leading blockchain oracle.
“Chainlink trades above a key support zone! Over 17,000 addresses bought 47 million LINK between $14.40 and $14.80.
While this level may hold and trigger a rebound, you must watch out! Any signs of weakness could encourage investors to sell some of their LINK holdings to avoid incurring losses.”
Source: ali_charts/XChainlink is trading at $16.42 at time of writing.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Check Latest News Headlines
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
The post Ethereum Rival That’s Exploded Over 600% Year-to-Date on the Cusp of Another Bullish Breakout, Says Analyst appeared first on The Daily Hodl.
Original source: The Daily Hodl