Popular crypto analyst Ali Martinez expects a strong move in leading altcoin Ethereum’s rival Solana. Analyst Victor Olanrewaju says another Ethereum rival is poised to rise.
SOL price forecast: Heading towards these targets!
As you have been following on Kriptokoin.com, the crypto market witnessed a sharp sell-off last week and over the weekend. Bitcoin, the leading crypto, hit below $54,000. The altcoin market also took its share of the bloodbath. However, there were some who saw this drop as a buying opportunity. According to crypto analyst Ali Martinez, a momentum indicator recently turned bullish on Solana (SOL). The analyst said that the Tom DeMark (TD) Sequential Indicator of the leading altcoin Ethereum’s rival gave a buy signal on the asset’s daily chart.
Traders use the TD Sequential Indicator to predict potential trend reversals for tokens based on the closing prices of the previous 13 bars or candles. Martinez says SOL “could rebound from the lower boundary of the channel towards the mid or upper boundaries positioned at $154 and $187, respectively.”
Meanwhile, SOL was trading at $130 at the time of writing. The 5th-ranked cryptocurrency by market capitalization has gained about 2.5% in the last 24 hours. However, SOL is down about 0.36% over the past seven days. However, the analyst warns that a sustained close below $126, the lower boundary of the channel, could trigger a significant price correction for SOL, dropping the altcoin’s price to the $90-110 range.
ADA price forecast: Altcoin wants $0.38!
A closer look at the chart shows that Cardano (ADA) still faces challenges in turning $0.32 into support. Notably, there is a clear resistance at $0.34 that is likely to block a potential rally. However, there is a falling wedge pattern on the daily chart, which is a bullish technical indicator. This suggests that ADA has likely completed its last downside move when it fell to $0.30.
If buying pressure continues, the altcoin price could gradually rise and potentially reach $0.38. However, if the token sees rejection at $0.34, this upward trajectory is less likely to materialize. In this case, it is possible that the ADA price could fall to $0.30.
The opinions and forecasts in the article are those of analysts and are not investment advice. As Kriptokoin.com, we strongly recommend that you do your own research before investing.
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