Crypto trader Ali Martinez has recently brought attention to a layer-one altcoin that he believes could see a significant increase in value. Martinez, who has a following of 132,300 on X, a social media platform, has pointed out that Solana (SOL) is showing signs of a cup and handle pattern on the weekly time frame. This pattern, if confirmed, could lead to a surge of up to 2,915%, potentially pushing the price of SOL to $3,800.
For those unfamiliar with technical analysis, a cup and handle pattern is a bullish formation that resembles a cup with a handle. It is considered a positive sign when the price breaks out to the upside after forming the handle. Martinez is optimistic about the potential for SOL and is keeping a close eye on its development.
Switching gears to Dogecoin (DOGE), Martinez has identified that the popular memecoin is trading within an ascending channel on the weekly time frame. He suggests that if DOGE manages to hold the $0.16 support level at the lower boundary of the channel, it could experience a significant price increase. Based on Martinez’s analysis, Dogecoin could potentially reach a price of over $20, representing a gain of approximately 115x from its current level.
In addition to altcoins, Martinez also shared his insights on Bitcoin (BTC). According to him, Bitcoin is currently consolidating within an ascending triangle pattern on the one-hour time frame. An ascending triangle is typically seen as a bullish formation that occurs during an uptrend. Martinez believes that a breakout from this pattern could trigger a 9% price movement in Bitcoin’s price.
As of the time of writing, Solana is trading at $126, Dogecoin is trading at $0.174, and Bitcoin is trading at $84,979. It will be interesting to see how these assets perform in the coming days and weeks based on Martinez’s technical analysis.
For more updates and insights from Ali Martinez, you can follow him on X, Facebook, and Telegram. Don’t miss out on the latest developments in the cryptocurrency market by subscribing to email alerts and staying informed on price action with The Daily Hodl Mix.
As always, remember to conduct your own research and due diligence before making any investment decisions in the volatile world of cryptocurrencies.
[Generated Image: Midjourney]