A widely followed crypto analyst says Ethereum (ETH) rival Solana (SOL) could be gearing up for a big rally after printing a bullish technical pattern.
Analyst Ali Martinez tells his 69,000 followers on social media platform X that SOL is potentially printing an Adam and Eve model.
An Adam and Eve pattern is considered a bullish reversal formation when an asset threatens to take out its horizontal resistance after making a low.
Martinez says:
“Solana could be preparing for an Adam and Eve pattern, suggesting a potential rise to $164. If SOL breaks through this resistance, we could see a 33% surge towards $220!”
At the time of writing, SOL is trading at $158, a slight increase from the previous day.
Looking at another large-cap altcoin, Martinez says that BNB, the native token of the BNB Chain ecosystem, appears 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 closing prices of a given number of periods.
Martinez’s chart shows that the indicator is giving a bearish signal just below the $600 mark for BNB.
Martinez says:
“The TD Sequential is showing a sell signal on the BNB daily chart!”
At the time of writing, BNB is trading at $570, down more than 1% on the day.
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