A widely followed crypto analyst says that Ethereum (ETH) rival Solana (SOL) could be gearing up for a large rally after printing a bullish technical pattern.
Analyst Ali Martinez tells his 69,000 followers on the social media platform X that SOL is potentially printing an Adam and Eve pattern.
An Adam and Eve pattern is viewed as a bullish reversal formation as an asset threatens to take out its horizontal resistance after carving a bottom.
Says Martinez,
“Solana might be shaping up for an Adam and Eve pattern, suggesting a potential rise to $164. If SOL clears that resistance, we could see a 33% surge toward $220!”
At time of writing, SOL is trading for $158, a slight increase in the past day.
Looking at another large-cap altcoin, Martinez says BNB, the native token of the BNB Chain ecosystem, is looking bearish based on the Tom Demark (TD) sequential indicator.
The TD sequential indicator is a technical analysis tool designed to identify trend exhaustion and potential price reversals based on the closing prices of a given number of periods.
Martinez’s chart shows the indicator flashing a bearish signal just below the $600 mark for BNB.
Says Martinez,
“The TD Sequential presents a sell signal on the BNB daily chart!”
At time of writing, BNB is trading for $570, down over 1% on the day.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
The post Analyst Says Solana Shaping Up for Big Breakout, Issues Warning on Large-Cap Crypto BNB appeared first on The Daily Hodl.
