A prominent cryptocurrency trader said he believes Ethereum (ETH) rival Solana (SOL) is showing signs of a possible correction.
Ali Martinez in a new thread says 52,700 followers on social media platform
The TD Sequential Indicator is commonly used to identify potential turning points in asset prices.
The analyst explains.
“Since December 2023, whenever this indicator suggests selling, SOL prices have fallen 17% to 28%. A similar outlook could push SOL back to $152 or $127.”
SOL is trading at $184.13 at the time of this writing. The fifth-largest cryptocurrency asset by market capitalization is up 12% in the last 24 hours and nearly 27% in the past week.
Martinez caution Traders are told not to sell assets in a bull market but instead “buy on the dip.” that predict SOL will likely undergo a brief correction before heading towards higher highs.
However, not all traders think Ethereum rivals are ready for a decline. Household-name analyst Kaleo told his 629,500 X followers earlier this week that SOL could soar to $200 after breaking the bullish trendline in the $150 range.
Despite the rise in SOL over the past month, it remains more than 29% below the all-time high set in November 2021.
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