The popular cryptocurrency trader believes Ethereum will (ETH) rival Solana (SOLIt flashes a warning sign that the system may need to be corrected.
Ali Martinez posted a message in a new forum. tells SOL’s Tom DeMark sequential indicator (TD) flashed a sale signal on its chart daily, historically indicating a fall in price for the platform.
The TD Sequential Indicator is used to determine the possible turning point of an asset’s value.
What is the analyst?
“Since December 2023, every time this indicator suggested selling, the price of SOL dropped by 17% to 28%. A similar outlook could see SOL retrace to $152 or even $127.”
SOL currently trades at $184.13. Market cap-ranked 5th, SOL has gained 12% over the past 24 hour and 27% within the last 7 days.
Martinez cautions The advice to traders is to not short any assets in a bullish market, but to instead just buy them. “buy the dips.” You can also find out more about the following: predicts SOL’s correction will be brief before the company reaches higher heights.
Some traders do not believe that Ethereum’s competitor will dip. Pseudonymous Analyst Kaleo told 629.500 of his X fans said this week SOL would soar up to $200 after breaking a bullish pattern in the $150 area.
SOL has made gains over the last month but it is still more than 29 % below its record high, which was set in November of 2021.
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Source: dailyhodl.com
