Crypto Trader Ali Martinez Predicts Potential Correction for Solana, Outlines Key Price Targets
2 min read
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.
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