Ethereum Competitor Set for Continued Rally, Says Crypto Trader
Crypto analyst and trader Ali Martinez believes that Solana (SOL), a competitor to Ethereum (ETH), is poised for further gains. Martinez suggests that SOL is breaking out from a bullish pattern on the four-hour chart, and a sustained close above $106 could trigger a 47% rally, pushing SOL towards the $150-$165 price range. Currently trading at $100, SOL has already seen a 476% increase in value over the past four months.
Pepe Coin Heading Higher, Analyst Predicts
Martinez also predicts that memecoin Pepe (PEPE) is set to rise in value. He notes that PEPE appears to be breaking out from a descending parallel channel, which suggests that it could advance towards $0.0000016 or even $0.0000019. At present, PEPE is trading at $0.0000013, reflecting a more than 3% increase in the last 24 hours.
Correction Expected for Ethereum
In contrast, Martinez warns that the Tom DeMark (TD) Sequential indicator indicates a potential corrective move for Ethereum. With a value of nine signaling a possible trend reversal, the TD Sequential presents a sell signal on Ethereum’s four-hour chart. If validated, ETH could retrace to $2,530 or even $2,450. Nevertheless, Ethereum is currently trading at $2,611, experiencing over a 4% increase in the last 24 hours.
Hot Take: Solana and Pepe Coin Poised for Further Gains
Crypto analyst Ali Martinez believes that Solana and Pepe Coin have the potential for continued growth in the crypto market. Martinez’s technical analysis suggests that Solana could experience a 47% rally if it maintains a close above $106, while Pepe Coin may advance to $0.0000016 or even $0.0000019. However, Martinez also cautions that Ethereum could undergo a corrective move, potentially retracing to $2,530 or $2,450. As the market continues to evolve, investors should closely monitor these cryptocurrencies for potential trading opportunities.
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