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.”
Solana 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.”
Bitcoin 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.”
Chainlink is trading at $16.42 at time of writing.
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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.
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Author: Mark Emem
