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A widely followed crypto analyst believes that one Ethereum (ETH) rival is gearing up for a parabolic move.
In a new strategy session, crypto trader Ali Martinez tells his 68,300 followers on the social media platform X that Solana (SOL) could put up a more than 400% gain based on historical precedence.
“Solana is looking a lot like July 2021 – $1,000 SOL coming soon!”
Looking at the analyst’s chart, he suggests that Solana may be breaking out of a descending triangle for a bullish reversal similar to in July 2021, when SOL soared from around $34 to an all-time high (ATH) of about $260 in November 2021.
Solana is trading for $181 at time of writing, up 6.8% in the last 24 hours.
Next up, the analyst says Bitcoin’s (BTC) relative strength index (RSI) – a momentum oscillator used to analyze whether an asset is overbought or oversold – is flashing bullish.
“Bitcoin is signaling a potential bullish breakout as its RSI on the hourly charts breaks through a downward trendline established since July 19th!”
The analyst also says that Bitcoin exchange-traded funds (ETF) continue to attract investor inflows, indicating bullish momentum.
“Since spot Bitcoin ETFs started trading five and a half months ago, their demand has far exceeded the new BTC supply.”
Bitcoin is trading for $67,543 at time of writing, up 4.4% in the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/kawephoto/WindAwake
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