One popular cryptocurrency trader says he believes Ethereum (ETH) competitor Solana (SOL) is showing signs of a potential correction.
In a new topic, Ali Martinez Tells His 52,700 followers on social media platform
The TD Sequential indicator is typically used to identify a potential turning point for an asset's price.
The analyst explains
“Since December 2023, every time this indicator suggests selling, SOL has fallen 17% to 28%. Similar forecasts could see SOL fall to $152 or even $127.
SOL is trading at $184.13 at the time of writing. The fifth-largest crypto asset by market capitalization has risen 12% in the past 24 hours and nearly 27% in the past week.
Martinez Warnings Traders do not sell assets during a bull market, instead they only “buy the dips”. he pridect SOL will only endure a short correction before heading to higher highs.
However, not all traders believe that Ethereum's competitor is ready for a decline. The analyst with the pseudonym Kaleo told his 629,500 X followers earlier this week that SOL could rise to $200 after breaking an uptrend line in the $150 range.
Despite SOL's gains in the past month, it is still down more than 29% from its all-time high set in November 2021.
Never miss an opportunity – sign up to get email alerts delivered directly to your inbox
Check price action
Follow us TwitterAnd Facebook and Telegram
Browse Hodl's daily mix
 
Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should conduct due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note 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 purchase or sale of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated image: mid-flight
