Analyst Predicts Continued Ascent for Solana with Potential Rally to $90 - Latest cryptocurrency news

Analyst Predicts Continued Ascent for Solana with Potential Rally to $90

Crypto analyst Ali Martinez predicts that the rise of Solana (SOL), which has increased in value by sixfold since the beginning of the year, will continue. For the altcoin seen as Ethereum’s (ETH) strongest competitor, the analyst indicates that a breakout rally to $90 is possible. Martinez also commented on the current situation regarding Bitcoin (BTC) and Chainlink (LINK).

On his personal X (formerly known as Twitter) account, Martinez stated that the price of SOL could increase by 25% from its current level if it maintains its upward momentum. While making a bullish comment for Solana, he mentioned that continuous closings above $68.20 could trigger a bull breakout toward $90.

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Currently, SOL is trading at $76.98. With the current prices, the altcoin has shown an increase of 672% over its 2023 opening price of $9.97. If Martinez’s prediction is correct, the increase will exceed 700%.

Martinez continued his analysis with Chainlink, a decentralized oracle network, and warned investors and traders to be cautious. The analyst stated that Chainlink is trading above a significant support zone and that the recovery could continue as long as the price is maintained above this level.

As for Bitcoin, Martinez summarized the key support and resistance areas that the largest cryptocurrency could test in the short term. The analyst noted that Bitcoin is standing above a strong support of $43,700 and if the upward trend continues, we could see a rise towards the main supply area of $47,300.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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