Cryptocurrency trader and analyst Ali Martinez believes that Solana (SOL) may be on the verge of an explosive breakout to a new all-time high.
Martinez tells his 146,400 followers on X that the top Ethereum (ETH) rival is on the brink of a strong impulse to the upside.
[adinserter block="1"]The analyst says that SOL is forming an ascending triangle on the 12-hour time frame, a bullish formation that’s confirmed when the price breaches the upper horizontal trend line.
He also uses Fibonacci extension levels to suggest SOL may increase more than 92% from its current level. Traders use the Fibonacci extension tool to identify potential entry and exit levels for an asset based on the Fibonacci ratio.
“Solana may offer a final buy-the-dip chance before targeting $360!”
SOL is trading for $187 at time of writing, down 4.3% in the last 24 hours.
Next up, the says that the layer-1 blockchain Avalanche (AVAX) may see a more than 56% increase from its current value if it can flip the $27 level into support.
“If Avalanche can break past $27, the path to $32 or $37 will be clear.”
AVAX is trading for $23.70 at time of writing, down 1% in the last 24 hours.
He also says that Sei (SEI) may be forming a bullish descending triangle. In technical analysis, a descending triangle is considered bullish if the price of an asset breaks out from the above descending trend line.
“SEI is on the brink of a 160% bull rally to $0.90!”
SEI is trading for $0.31 at time of writing, down 5.4% on the day
Next up, he says that smart contract platform Cardano (ADA) may soon increase by more than 63% from its current value, based on Fibonacci extension levels.
“ADA is on the verge of a breakout to $1.50!”
ADA is trading for $0.92 at time of writing, up marginally in the last 24 hours.
Lastly, Martinez says that ETH competitor Sui (SUI) may nearly double its current value after retesting a breakout level of a symmetrical triangle pattern.
“SUI bullish retest complete, targeting $7!”
SUI is trading for $3.64 at time of writing, down 3.6% in the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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