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Experienced crypto currency analyst, Ali Martinez, has suggested that Solana (SOL), which has seen its value increase over six times since the start of the year, will continue to rise. The analyst expects a breakout rally of $90 and beyond in the altcoin, which is touted as Ethereum’s (ETH) strongest rival. Martinez also commented on the current state of Bitcoin (BTC) and Chainlink (LINK).
The Analyst’s Comments on Solana and Chainlink
Crypto currency analyst Martinez suggested on his personal X (formerly known as Twitter) account that there could be an increase of approximately 25% from the current levels in the price of Solana’s SOL, as long as it maintains its upward momentum.
In his bullish comment for Solana, the analyst said, “A bullish breakout towards $90 can be triggered with continuous candle closures above $68.20. While expecting a rise, it is very important that the price does not fall below the $60 support. Future profit takings could drop SOL to as low as $47 if the price falls below this level.”
SOL is currently trading at $76.98 as this article is prepared. With current prices, the altcoin has put up 672% above its 2023 opening price of $9.97 and if Martinez’s prediction comes true, the rate will surpass 700%.
Martinez, who continued his analysis with Chainlink, a decentralized oracle network, warned investors and traders to be cautious. The analyst said, “Chainlink is trading above a significant support zone. More than 17,000 wallet addresses bought 47 million LINK between $14.40 and $14.80. As long as the price holds above this level, recovery can continue, but caution is needed. In any signs of weakness, investors may start selling a portion of their LINK assets to avoid losses.”
$47,300 Could Be on the Table for Bitcoin
Finally, looking at Bitcoin, Martinez summarized the key support and resistance zones that the largest cryptocurrency could test in the short term. The analyst said the following in his overall assessment:
Bitcoin is standing on a firm support at $43,700. On the downside, $42,700 is important support because 642,000 wallet addresses bought exactly 347,000 BTC from here. If the upward trend continues, we could see a rise towards the main supply zone at $47,300, where 614,000 wallet addresses are holding 427,000 BTC.
