A seasoned crypto analyst has suggested that a competitor to Ethereum, Solana (SOL), may be on the verge of a breakout rally. The analyst, Ali Martinez, shared a chart on social media indicating that SOL is forming a bullish continuation pattern on the hourly chart. He posited that if SOL overcomes the $110 resistance, it could surge to levels not seen in nearly two years, potentially reaching an ambitious target of $163.
Martinez also commented on Cardano (ADA), noting that its price movement mirrors the pattern seen in mid-2021 before a parabolic rise. He suggested that ADA’s current consolidation at a significant price area could set the stage for a potential bull run resumption by April.
Turning his attention to Ripple (XRP), Martinez observed that the sixth-largest cryptocurrency by market value continues to trade within a rising parallel channel. According to his analysis, XRP’s position on the diagonal support of the uptrend that began in mid-2022 could lead to further price increases.
The analyst concluded that if the current trend persists, XRP could advance towards the middle or upper boundaries of the channel, currently at $0.80 and $1.10 respectively. Martinez’s predictions highlight potential bullish scenarios for these cryptocurrencies in the near future.