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COINTURK NEWS > Altcoin News > Signs of a Rally in Solana and Predictions for Cardano and XRP
Altcoin News

Signs of a Rally in Solana and Predictions for Cardano and XRP

In Brief

  • Senior crypto analyst predicts a breakout rally for a smart contract platform.

  • Solana may aim for $163 if it surpasses the $110 resistance level.

  • Cardano and XRP show patterns that could lead to potential uptrends.

COINTURK NEWS
COINTURK NEWS 1 year ago
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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.

Contents
Signs of a Rally in Solana“XRP Could See an Uptrend”

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.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 11 January, 2024 - 10:10 am 11 January, 2024 - 10:10 am
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