Crypto analyst and trader Ali Martinez has expressed a bearish outlook on Solana (SOL), which is currently trading about 53% below its peak value from January.
Aqua Ad Server Asynchronous JS Tag – Generated with Revive Adserver v5.5.2
Martinez shared that the Tom DeMark (TD) Sequential indicator is signaling a potential downtrend on the 12-hour chart. This indicator, known for pinpointing potential price reversals, previously marked the bottom of Solana’s price, leading to a 20% rally. Now, the same tool is suggesting caution, flashing a sell signal.
Aqua Ad Server Asynchronous JS Tag – Generated with Revive Adserver v5.5.2
Shifting focus to Dogecoin (DOGE)
Martinez highlights two key levels for the memecoin’s price movement: a support level at $0.177 and resistance at $0.207.
READ MORE:
Is the U.S. Government Quietly Selling Bitcoin?
Using the Unspent Transaction Output (UTXO) Unrealized Price Distribution (URPD) metric, which analyzes the distribution of coins based on their last moved price, Martinez notes that 8% of Dogecoin’s total supply was moved at the $0.177 level, while 7% moved at the $0.208 level.
Martinez also suggests that Dogecoin could turn bullish if it rises approximately 9% from its current position, citing the SuperTrend indicator. This tool, used to assess market trends and potential trade signals, indicates that breaking through the $0.21 resistance could trigger a positive price movement for the memecoin.
Coinzilla Banner 300×250
Alexander Stefanov