A closely followed crypto analyst says that one competitor of Solana (SOL) could skyrocket by 30% while updating his outlook on Bitcoin (BTC) and other digital assets.
In a new strategy session, crypto trader Ali Martinez tells his 69,600 followers on the social media platform X that one key metric is flashing a buy signal for SUI, the native crypto asset of layer-1 blockchain and smart contract platform Sui Network.
“The TD Sequential presented a buy signal on the SUI weekly chart. A sustained close above the 50-week moving average could trigger a 30% upswing to $1.20!”
The Tom DeMark (TD) Sequential Indicator is a metric used by traders to predict points of reversal for the price of an asset.
SUI is trading for $0.843 at time of writing, a fractional increase during the last 24 hours.
Moving on to decentralized finance (DeFi) protocol Aave (AAVE), Martinez says the altcoin could face a 27% correction as it tends to dip after the TD Sequential flashes a sell signal on its daily chart, which the trader says happened recently.
“The last four times the TD Sequential flashed a sell signal on the AAVE daily chart, it was followed by an average correction of 27%. The same sell signal is now appearing, suggesting a potential drop for AAVE.”
AAVE is valued at $135.47 at time of writing, a 1.1% decrease during the last day.
The strategist goes on to note that layer-2 scaling solution Polygon (MATIC) is also facing a correction after days of upward momentum.
“Polygon has seen a significant surge in recent days, but caution is advised. The TD Sequential on the hourly chart is signaling a potential correction for MATIC.”
MATIC is trading for $0.52 at time of writing, an 8.4% gain during the last 24 hours.
Concluding his analysis with the crypto king, Martinez says based on history, BTC is still in the early stages of its post-halving bull cycle. The trader also notes that the digital assets industry tends to climb after the stablecoin Tether (USDT) is minted on a large scale.
“It’s been 119 days since the 2024 Bitcoin halving. In the last two cycles, BTC hit a market top around 530 days post-halving. If history repeats, we’re still in the early stages of this cycle!”
Bitcoin is trading for $60,330 at time of writing.
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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 cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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Source: https://dailyhodl.com/2024/08/22/crypto-trader-says-solana-rival-could-surge-by-30-updates-outlook-on-bitcoin-polygon-and-aave/