Crypto Trader Ali Martinez Predicts Potential Correction for Solana, Outlines Key Price Targets
An esteemed cryptocurrency analyst has expressed his sentiment that Solana (SOL), a competitor to Ethereum (ETH), may be on the cusp of experiencing a downward correction.
Within a recent tweet series, Ali Martinez informed his audience of 52,700 on the social media site X that the TD Sequential indicator on Solana’s daily chart presented a sell signal, an event previously linked to a depreciation in the smart contract platform’s value.
The Tom DeMark (TD) Sequential indicator is a tool traders utilize to pinpoint potential pivot points in the price trajectory of an asset.
The analyst elucidates,
“Historically, since December 2023, each instance the indicator recommended a sell action, Solana’s price underwent a downturn ranging between 17% and 28%. If similar patterns hold, we might observe SOL decrease to values of $152, or potentially down to $127.”
At the moment of this article, SOL’s trading value sits at $184.13. This asset, ranked 5th by market capitalization among cryptocurrencies, has seen a 12% increase in the past day alone and an impressive surge of nearly 27% within the previous week.
Martinez advises investors against opening short positions during a bullish market, recommending to seize buying opportunities during price dips instead. He anticipates a short-lived correction for SOL prior to it achieving new price highs.
Yet, not all analysts anticipate a decline for the Ethereum adversary. The pseudonymous trader Kaleo predicted to his following of 629,500 on site X that SOL might climb to $200 after breaking through a bullish trendline around the $150 level earlier this week.
Despite the growth SOL has enjoyed over the last month, it is still trading at a 29% deficit from its November 2021 all-time high.
Stay Updated – Sign up to receive email notifications directly to your inbox
Review Current Prices
Connect with us on Twitter, Facebook and Telegram
Explore The Daily Hodl Mix
Disclaimer: The opinions expressed at The Daily Hodl do not constitute investment advice. Investors are encouraged to conduct their due diligence before engaging in high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Your transactions and trades occur at your discretion, and any resulting losses are your sole responsibility. The Daily Hodl does not endorse buying or selling any cryptocurrencies or digital assets, nor is it an investment advisor. Please be aware that The Daily Hodl engages in affiliate marketing.
Generated Image: Midjourney
Source link
#Solana #Flashing #Sign #Potential #Correction #Crypto #Trader #Ali #Martinez #Targets
