A closely followed crypto analyst says that one competitor of Solana (SOL) could skyrocket by 30% while updating his outlook on Bitcoin (BTC) and other digital assets.
In a new strategy session, crypto trader Ali Martinez tells his 69,600 followers on the social media platform X that one key metric is flashing buy signal for SUI, the native crypto asset of layer-1 blockchain and smart contract platform Sui Network.
“The TD Sequential presented a buy signal on the SUI weekly chart. A sustained close above the 50-week moving average could trigger a 30% upswing to $1.20!”
The Tom DeMark (TD) Sequential Indicator is a metric used by traders to predict points of reversal for the price of an asset.
SUI is trading for $0.843 at time of writing, a fractional increase during the last 24 hours.
Moving on to decentralized finance (DeFi) protocol Aave (AAVE), Martinez says the altcoin could face a 27% correction as it tends to dip after the TD Sequential flashes a sell signal on its daily chart, which the trader says happened recently.
“The last four times the TD Sequential flashed a sell signal on the AAVE daily chart, it was followed by an average correction of 27%. The same sell signal is now appearing, suggesting a potential drop for AAVE.”
AAVE is valued at $135.47 at time of writing, a 1.1% decrease during the last day.
The strategist goes on to note that layer-2 scaling solution Polygon (MATIC) is also facing a correction after days of upward momentum.
“Polygon has seen a significant surge in recent days, but caution is advised. The TD Sequential on the hourly chart is signaling a potential correction for MATIC.”
MATIC is trading for $0.52 at time of writing, an 8.4% gain during the last 24 hours.
Concluding his analysis with the crypto king, Martinez says based on history, BTC is still in the early stages of its post-halving bull cycle. The trader also notes that the digital assets industry tends to climb after the stablecoin Tether (USDT) is minted on a large scale.
“It’s been 119 days since the 2024 Bitcoin halving. In the last two cycles, BTC hit a market top around 530 days post-halving. If history repeats, we’re still in the early stages of this cycle!”
Bitcoin is trading for $60,330 at time of writing.
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