A widely known cryptocurrency analyst says Solana (SOL), a competitor to Ethereum (ETH), could be gearing up for a major rally after displaying a bullish technical pattern.
Analyst Ali Martinez told her 69,000 followers on social media platform X that SOL is likely to print an Adam and Eve pattern.
The Adam and Eve pattern is considered a bullish reversal pattern when an asset has formed a bottom and is in danger of breaking through a horizontal resistance line.
Martinez says:
“Solana may be forming an Adam and Eve pattern and could rally to $164. If SOL overcomes that resistance, it could surge 33% to $220!”
As of this writing, SOL is trading at $158, up slightly from the previous day.
Looking at other large altcoins, Martinez says BNB, the native token of the BNB chain ecosystem, is in a downtrend according to the Tom Demark (TD) sequential indicator.
The TD Sequential Indicator is a technical analysis tool designed to identify trend exhaustion and potential price reversals based on closing prices over a specific period of time.
Martinez’s chart shows BNB flashing bearish signals just below $600.
Martinez says:
“TD Sequential Shows Sell Signal on BNB Daily Chart!”
At the time of writing, BNB is trading at $570, down more than 1% on the day.
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