Trader Says Ethereum Rival Forming Bullish Setup That Could Trigger 2,915% Rally, Updates Outlook on Dogecoin

Crypto trader Ali Martinez is highlighting a layer-one altcoin that could appreciate by 30x.

Martinez tells his 132,300 followers on the social media platform X that Solana (SOL) is developing a cup and handle pattern on the weekly time frame that could lead to a 2,915% surge.

In technical analysis, a cup and handle pattern forms in the shape of a cup and is typically considered bullish if, after forming the cup’s handle, the price breaks out to the upside.

“If confirmed, this setup could propel it toward $3,800.”

Solana is trading at $126 at time of writing.

Next up is Dogecoin (DOGE). Martinez says that the largest memecoin by market cap is trading in an ascending channel on the weekly time frame. According to the analyst, Dogecoin could go parabolic if the $0.16 support level at the lower boundary of the parallel channel holds.

Based on Martinez’s chart, it appears he’s suggesting that Dogecoin could go up to a price of over $20, a gain of around 115x from the current level.

Dogecoin is trading at $0.174 at time of writing.

The widely followed analyst and trader also offers his outlook on Bitcoin (BTC). According to Martinez, Bitcoin is undergoing consolidation inside an ascending triangle in the one-hour time frame.

In technical analysis, an ascending triangle is considered a bullish pattern that typically forms during an uptrend. A continuation of the upward price movement is confirmed when the price breaks out of the horizontal resistance line or the upper boundary of the ascending triangle pattern.

“A breakout from this pattern could trigger a 9% price move.”

Bitcoin is trading at $84,979 at time of writing.

Follow us on X, Facebook and Telegram

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Surf The Daily Hodl Mix

&nbsp

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: Midjourney