A closely followed crypto trader thinks that one Ethereum (ETH) challenger may be on the cusp of a breakout rally.
Crypto trader Ali Martinez tells his 40,000 followers on the social media platform X that Solana (SOL) is forming a bullish continuation pattern on the hourly chart.
The analyst shares a chart that suggests SOL could rally to a level last seen about two years ago if it manages to take out its immediate resistance at $110.
“On the hourly chart, Solana is showing signs of forming a bull flag. A decisive close above the $110 resistance level could be the catalyst for a significant upward move! If this pattern holds, we might see SOL heading toward an ambitious target of $163.”
At time of writing, Solana is worth $99.54.
Looking at fellow Ethereum rival Cardano (ADA), Martinez says the altcoin appears to be mirroring mid-2021 price action when it consolidated above a key price area before igniting on a parabolic surge.
“So far, Cardano price action is echoing its 2018-2020 pattern! If this trend continues, we might see ADA consolidating around its current levels until April, setting the stage for a potential resumption of the bull run.”
Based on the trader’s chart, he seems to predict that Cardano could climb to as high as $8.00 by 2025. At time of writing, ADA is worth $0.516.
As for the payments network XRP, Martinez says that the sixth-largest crypto by market cap continues to trade within an ascending parallel channel. According to the analyst, XRP is in a position to witness rallies as it currently sits at the diagonal support of the bullish pattern which has held since mid-2022.
“From this perspective, the governing pattern behind XRP price action since June 2022 appears to be an ascending parallel channel. If this pattern continues, XRP could make its way toward the channel’s middle or upper boundaries, which currently sit at $0.80 and $1.10, respectively.”
At time of writing, XRP is worth $0.57.
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Source: https://dailyhodl.com/2024/01/10/crypto-trader-predicts-rally-toward-ambitious-level-for-ethereum-rival-updates-outlook-on-cardano-and-xrp/