A closely followed crypto strategist is warning that layer-1 protocol Solana (SOL) may be on the verge of a severe corrective move.
Analyst Ali Martinez tells his 122,400 followers on the social media platform X that Solana is in danger of plunging to levels last seen in October of 2024.
According to the trader, SOL must stay above a key support level to invalidate his outlook.
“This is it! If Solana SOL fails to hold above $191, a drop to $138 could be imminent.”
Looking at the trader’s chart, he seems to suggest that SOL is still trading within an ascending parallel channel – a pattern indicating that an asset is an uptrend, printing higher highs and higher lows. But he notes that losing $191 as support means invalidating the channel’s diagonal support, potentially ending a multi-month uptrend.
At time of writing, SOL is trading for $197, translating to a 39% decline if Solana hits the analyst’s downside target.
Looking at XRP, the analyst notes that whales unloaded tens of millions of dollars worth of the third-largest crypto asset by market cap in just one day.
“Whales have offloaded over 130 million XRP in the past 24 hours!”
At time of writing, XRP is worth $2.24, down over 20% on the day.
Deep-pocketed Dogecoin (DOGE) investors also offloaded their stacks, according to Martinez.
“Whales sold 270 million Dogecoin DOGE in the last 24 hours!”
At time of writing, DOGE is trading for $0.227, down over 22% in the past day.
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