A closely watched cryptocurrency trader believes one of the Ethereum (ETH) challengers could be on the cusp of a breakout rally.
Crypto trader Ali Martinez told his 40,000 followers on social media platform X that Solana (SOL) is forming a bullish continuation pattern on the hourly chart.
The analyst shares a chart that suggests SOL could rebound to levels last seen about two years ago if it overcomes immediate resistance at $110.
“In the hourly chart, Solana A bull flag is showing signs of forming. A decisive close above the $110 resistance could be the catalyst for a significant upward move! If this pattern holds brush “We are moving toward our ambitious goal of $163.”
As of this writing, Solana is valued at $99.54.
Looking at fellow Ethereum rival Cardano (ADA), Martinez says it appears to mirror the price action of mid-2021, when the altcoin consolidated above a key price area before igniting a parabolic surge.
“until now, Cardano Price action is reflecting the 2018-2020 pattern! If this trend continues ADA “We will maintain the current level through April, setting the stage for a resumption of the upward trend.”
Based on trader charts, he seems to predict that Cardano could rise to $8.00 by 2025. As of this writing, ADA is worth $0.516.
As for payments network XRP, Martinez says the sixth-largest cryptocurrency by market capitalization continues to trade within a rising parallel channel. According to analysts, XRP is positioned to witness a rally as it is currently at the diagonal support zone of a bullish pattern that has persisted since mid-2022.
“From this perspective, the underlying pattern of dominance is XRP The price movement after June 2022 appears to be in an upward parallel channel. If this pattern continues, XRP “We could head towards the middle or upper boundaries of the channel, which are currently at $0.80 and $1.10 respectively.”
As of this writing, XRP is worth $0.57.
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