The cryptocurrency market finally received the long-awaited spot Bitcoin ETF news. After this, while Bitcoin’s momentum slowed down, altcoins began to come to the fore. Especially with the expectation that the next ETF will be Ethereum, the leading altcoin broke its silence. Amid these developments, a seasoned analyst points to two Ethereum rivals. He also talks about a possible rally for XRP Coin.
The analyst showed the target for SOL: $163!
cryptokoin.comAs you follow from , there is spot Bitcoin ETF excitement in the market. After resisting for a long time, the SEC gave up. Thus, in the end, he approved 11 applications at the same time, in line with expectations. After this, while Bitcoin remained relatively calm, interest shifted to altcoins.
Popular crypto analyst Ali Martinez points to Solana (SOL), the hottest altcoin project of recent times. The analyst says that SOL has formed a bullish continuation pattern on the 1-hour chart. Martinez shares a chart that suggests that if it manages to surpass the immediate resistance at $110, SOL could rally to a level last seen nearly two years ago. In this context, the analyst makes the following statement:
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 formation continues, we can see SOL moving towards an ambitious target of $163.
Meanwhile, at the time of writing, SOL was changing hands at $105, up 12% on a daily basis. With this move, the altcoin moved its weekly chart to the 2.2% green zone.
This altcoin reflects the price action in mid-2021!
The analyst then looks at Cardano (ADA), a rival to leading altcoin Ethereum. Martinez says it mirrors the price action of mid-2021, when the altcoin consolidated above a key price area before igniting a parabolic rise. The analyst shares the following assessment for ADA:
So far, Cardano price action reflects the 2018-2020 pattern! If this trend continues, we could see ADA consolidate around its current levels by April, setting the stage for a potential resumption of the bull run.
According to his chart, the analyst predicts ADA will rise as high as $8.00 by 2025. Meanwhile, at the time of writing, the altcoin was trading at $0.60, up 21% on a daily basis. With this strong run, ADA moved its weekly chart to the 5.5% green zone.
Next targets for XRP Coin: $0.8 and $1.10
Finally, the analyst discusses Ripple’s native token, XRP. Martinez says XRP continues to trade within an ascending parallel channel. According to the analyst, XRP Coin is in a position to witness rallies as it currently sits at the diagonal support of the bullish formation that has been ongoing since mid-2022. Based on this, the analyst points out the following levels for the altcoin:
From this perspective, the governance pattern behind the XRP price movement since June 2022 appears to be an ascending parallel channel. If this pattern continues, XRP could move towards the middle or upper limits of the channel, currently at $0.80 and $1.10 respectively.
Meanwhile, XRP was trading at $0.612, up 9.8% on a daily basis. XRP Coin is also moving in the 4.9% green zone on its weekly chart.
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