A Possible Correction Ahead for Solana, According to Crypto Trader Ali Martinez
A popular crypto trader, Ali Martinez, believes that Solana (SOL), a rival of Ethereum (ETH), is showing signs of a potential correction. Martinez points to the Tom DeMark (TD) sequential indicator, which has flashed a sell signal on SOL’s daily chart. This indicator is typically used to identify turning points in an asset’s price.
Martinez explains that historically, whenever the TD Sequential indicator suggested selling for SOL, the price dropped by 17% to 28%. Based on this pattern, he predicts that SOL could retrace to $152 or even $127.
Currently, SOL is trading at $184.13. It has seen a 12% increase in the past 24 hours and a nearly 27% increase in the past week.
Martinez cautions traders against shorting assets during a bull market and advises them to “buy the dips” instead. He believes that SOL will only experience a brief correction before reaching higher highs.
However, not all traders share Martinez’s view. Kaleo, a pseudonymous analyst, recently told his followers on social media platform X that SOL could soar to $200 after breaking out of a bullish trendline in the $150 range.
Despite its recent gains, SOL is still more than 29% down from its all-time high set in November 2021.
A Word of Caution: Don’t Short During Bull Markets
- Martinez warns traders against shorting assets during bull markets.
- He advises them to “buy the dips” instead.
- Martinez predicts that SOL will experience only a brief correction before heading to higher highs.
Conflicting Views: SOL’s Potential to Soar
- Kaleo, a pseudonymous analyst, believes that SOL could reach $200 after breaking out of a bullish trendline in the $150 range.
SOL’s Recent Performance and All-Time High
- SOL is currently trading at $184.13.
- In the past 24 hours, it has seen a 12% increase, and in the past week, it has seen a nearly 27% increase.
- Despite these gains, SOL is still more than 29% down from its all-time high set in November 2021.
Generated Image: Midjourney
Hot Take: Solana’s Possible Correction
Crypto trader Ali Martinez believes that Solana (SOL) may be due for a correction based on the Tom DeMark (TD) sequential indicator. However, not all traders agree with Martinez’s assessment. Some believe that SOL has the potential to soar to $200. Despite its recent gains, SOL is still significantly below its all-time high. It will be interesting to see how the market reacts and whether SOL will experience a correction or continue on an upward trajectory.
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