Crypto Trader Says Massively Bearish Solana Target Still in Play, Unveils Outlook for Bitcoin and Ethereum

Cryptocurrency trader and analyst Ali Martinez is leaning bearish on Solana ( SOL ) while updating his outlook on Bitcoin ( BTC ) and Ethereum ( ETH ).

Starting with Solana, Martinez tells his 135,500 followers on the social media platform X that the sixth-largest crypto asset by market cap could fall by up to 48% from the current level if SOL fails to break above the resistance area that lies below the $138 price.

“For all we know, Solana might be retesting the breakout zone from a right-angled ascending broadening pattern, with the $65 target still in play.”

Source: Ali Martinez/ X

Solana is trading at $125 at time of writing.

Turning to Bitcoin, Martinez says that the crypto king’s support zone at around $82,024 is a “level worth watching closely” as 96,580 BTC were accumulated at that price, according to data from analytics platform Glassnode. Accumulation patterns are on-chain metrics used to determine where buyer interest could potentially be found if the price falls to that level.

Source: Ali Martinez/ X

Bitcoin is trading at $83,999 at time of writing.

Next up is Ethereum. According to the crypto analyst and trader, Ethereum could be “gearing up for a major rebound” as the Tom DeMark (TD) Sequential indicator is flashing a bullish signal on the weekly time frame. The TD Sequential indicator is a tool in technical analysis used to identify potential trend reversal points on price charts.

Source: Ali Martinez/ X

Citing Glassnode’s data, Martinez further says that Ethereum is currently sitting above a major support level, going by the crypto asset’s accumulation patterns.

“The most critical support for Ethereum sits at $1,546.55, where 822,440 ETH were previously accumulated. A level worth watching closely!”

Source: Ali Martinez/ X

Ethereum is trading at $1,582 at time of writing.

Follow us on X , Facebook and Telegram

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Surf The Daily Hodl Mix

Generated Image: Midjourney