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Home»ALTCOIN NEWS»Crypto Analyst Says Ethereum’s Top Competitor Could ‘Soon’ Blow Up Over 400%, Mimicking 2021-Style Price Movements
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Crypto Analyst Says Ethereum’s Top Competitor Could ‘Soon’ Blow Up Over 400%, Mimicking 2021-Style Price Movements

By Crypto FlexsJuly 26, 20242 Mins Read
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Crypto Analyst Says Ethereum’s Top Competitor Could ‘Soon’ Blow Up Over 400%, Mimicking 2021-Style Price Movements
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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!”

Source: Ali Martinez/X

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!”

video
Source: Ali Martinez/X

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.”

video
Source: Ali Martinez/X

At the time of writing, Bitcoin is trading at $67,543, up 4.4% over the last 24 hours.

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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

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