A widely known cryptocurrency analyst believes that one of Ethereum’s (ETH) competitors is making a sharp move.
Cryptocurrency trader Ali Martinez told his 68,300 followers on social media platform X in a new strategy session that Solana (SOL) could deliver returns of over 400% based on historical precedent.
“Solana is very similar to July 2021. $1,000 SOL is coming soon!”
Looking at the analyst chart, he suggests that Solana is likely to break out of the descending triangle for a bullish reversal similar to the one in July 2021, when SOL surged from around $34 to an all-time high (ATH) of around $260 in November 2021.
At the time of writing, Solana’s price is $181, up 6.8% in the last 24 hours.
The analyst then said that Bitcoin (BTC)’s Relative Strength Index (RSI) is turning bullish. The RSI is a momentum oscillator used to analyze whether an asset is overbought or oversold.
“Bitcoin is sending a potential bullish breakout signal as the RSI on the hourly chart breaks through the downtrend line established since July 19th!”
The analyst also said that Bitcoin exchange-traded funds (ETFs) continue to attract investor inflows, indicating bullish momentum.
“Since the spot Bitcoin ETF began trading five and a half months ago, demand has far outstripped the supply of new BTC.”
At the time of writing, Bitcoin is trading at $67,543, up 4.4% over the last 24 hours.
Don’t miss out – subscribe to receive email notifications straight to your inbox
Price check task
Follow us XFacebook and Telegram
Surfing the Daily Hodl Mix
 
Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investment in Bitcoin, cryptocurrencies or digital assets. Your transfers and transactions are at your own risk and any losses you may incur are your own responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and The Daily Hodl is not an investment advisor. The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/kawephoto/WindAwake