A senior crypto analyst, known for his market predictions, has suggested that a competitor of the leading smart contract platform Ethereum (ETH) might be on the verge of a breakout rally.
Signs of a Rally in Solana
Crypto analyst Ali Martinez, through a social media platform, told his followers that the popular altcoin Solana (SOL) is forming a bullish continuation pattern on its hourly chart. The analyst shared a chart suggesting that if SOL manages to break free from its current resistance at $110, it could rise to a level not seen in approximately two years. The senior analyst stated the following:
The hourly chart is showing signs of a Solana bull flag formation. A definitive close above the $110 resistance level could be the catalyst for a significant upward movement! If this pattern continues, we could see SOL heading towards an ambitious target of $163.
Turning to Ethereum’s competitor Cardano (ADA), Ali Martinez noted that the altcoin appears to be reflecting its mid-2021 price action, where it consolidated above a significant price area before a parabolic rise, and said:
So far, Cardano’s price action mirrors the 2018-2020 model! If this trend continues, we could see ADA consolidating at its current levels until April, which could lay the groundwork for a potential restart of the bull run.
“XRP Could See an Uptrend”
Based on his analysis, the analyst predicted that Cardano could rise to $8.00 by the year 2025. Examining Ripple (XRP), Martinez noted that the sixth-largest cryptocurrency by market value continues to trade within a rising parallel channel. According to the analyst, XRP is in a position to witness uptrends as it is currently at the cross support of the rising pattern that has been ongoing since mid-2022. The analyst concluded his remarks as follows:
From this perspective, the price action of XRP since June 2022 seems to be following a management model like a rising parallel channel. If this model persists, XRP could move towards the middle or upper boundaries of the channel, which are currently at $0.80 and $1.10, respectively.
