The cryptocurrency market has focused on analyst Ali Martinez’s comments, especially regarding the performance of leading altcoins such as Solana (SOL). Martinez shares an optimistic outlook on Solana’s impressive triple-digit percentage gains through 2023. This situation creates bullish expectations among investors about the future of altcoin Solana.
According to Martinez’s detailed analysis, if Solana’s current upward momentum continues, the asset could experience a significant increase in value. The analyst states that SOL could rise by around 25% from its current level. However, it highlights one specific condition for this positive outlook to continue: Solana needs to make a sustained close above $68.20. If this happens, an upward trend is expected to begin towards the $90 levels.
On the other hand, Martinez warns investors to pay attention to the support point at $60. According to the analyst, any weakness in Solana at this support level could trigger a decline that could push the asset’s value towards $47. Therefore, movements above this support level, which is critical for investors, should be closely monitored.
“A sustained close above $68.20 will trigger an uptrend towards $90. But watch out for the $60 support! “Any sign of weakness at this level could trigger a move in profit taking that would send SOL to $47.”
NEWS CONTINUES BELOW
Solana is trading at $71.68 at press time, an increase of approximately 619% compared to its opening price of $9.97 at the beginning of 2023.
Apart from the popular altcoin, Martinez also reviewed the leading cryptocurrency Bitcoin (BTC). The analyst explains the main support and resistance areas to follow in the short term for Bitcoin as follows: explained:
“Bitcoin holds a stable support level at $42,700. This level is quite important because 642,000 wallets purchased 347,000 BTC here. If the uptrend continues, we could see a push towards the next major supply zone at $47,300, where 614,000 wallets receive 427,000 BTC. However, if the $42,700 support is broken, all eyes will turn to $38,000, which is the next critical area to watch.”
The last altcoin on the analyst’s radar is Chainlink (LINK). Martinez urges investors and traders to be careful with the leading cryptocurrency.
“Chainlink is trading above a significant support zone! More than 17,000 addresses purchased 47 million LINK between $14.40 and $14.80. This level can act as protection in a recovery and trigger an uptrend, but you must be careful! “Any sign of weakness may encourage investors to sell some of their LINK holdings to avoid losses.”
You can follow the current price movement here.