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August 2, 2024

Large-Cap Ethereum Rival Forming a Bullish Pattern That Could See It Surge by up to 63%, Says Crypto Trader

By Daily Hodl Staff

A closely followed crypto analyst says that one prominent Ethereum (ETH) competitor is gearing up to spark a rally.

In a new strategy session, crypto trader Ali Martinez tells his 68,700 followers on the social media platform X that smart contract platform Solana (SOL) could be forming a bullish pattern on its four-hour chart that would see it skyrocket to $259, a 63% gain from its current price.

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“I know, the dip keeps dipping! However, Solana might be forming a bullish megaphone on the 4-hour chart. The recent correction to the 61.8% Fibonacci level and oversold RSI (relative strength index) suggests it could be a good time to buy SOL.

Consider placing your stop-loss around $156-$154 and aiming for a take profit between $200-$259!”

Source: Ali Martinez/X

Solana is trading for $156 at time of writing, a 3.8% decrease during the last day.

Moving on to the crypto king, Martinez says that Bitcoin (BTC) bulls got pummeled when BTC most recently fell below $63,000 as the dip caused billions of dollars worth of long positions to be liquidated.

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According to the analyst, these emboldened bears, are in danger themselves if the top crypto asset by market cap shoots up past $70,400.

“A bunch of Bitcoin bulls got rekt in this downswing. According to data from Coinglass, over $2.50 billion in leveraged long positions got liquidated as BTC dipped below $63,000! Now, bears are getting cocky. But nearly $2.40 billion in leveraged short positions will be wiped out if BTC rebounds to $70,440.”

Source: Ali Martinez/X

Bitcoin is trading for $63,330 at time of writing, a marginal decrease during the last 24 hours.

Earlier this week, Martinez made a similar prediction for XRP, the digital asset used to operate Ripple Labs’ payments platform. At the time, the trader said if the crypto asset were to surpass the $0.90 mark, it could spark a bull run.

XRP is worth $0.558 at time of writing, down 4.86% over the last 24 hours.

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