A popular crypto trader said he believes Ethereum (ETH) rival Solana (SOL) is showing signs of a possible correction.
In a new thread, Ali Martinez To tell His 52,700 followers on social media platform He claimed that there was.
The TD Sequential indicator is typically used to identify potential turning points in asset prices.
The analyst explains:
“Since December 2023, the price of SOL has fallen between 17% and 28% every time this indicator signals a sell. A similar outlook could see SOL return to $152 or even $127. there is.”
At the time of writing, SOL is trading at $184.13. The fifth-largest cryptocurrency by market capitalization is up 12% in the past 24 hours and nearly 27% over the past week.
martinez Note Traders say they don't short-sell assets during bull markets, but instead just “buy the push.”he Predict SOL will only endure a short correction before heading higher.
However, not all traders think Ethereum's competitors are poised for a decline. Pseudonymous analyst Kaleo told his 629,500 X followers earlier this week that SOL could break out of the bullish trend line at $150 and rise to $200.
Despite gains over the past month, SOL is still down more than 29% from its all-time high set in November 2021.
Never miss a beat – Subscribe to get email alerts delivered straight to your inbox
Check price action
follow me twitterFacebook and Telegram
Surf the Daily Hoddle Mix
 
Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should perform due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that transfers and transactions are made at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets. The Daily Hodl is also not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated image: Mid Journey
