Analyst Says Odds Have Increased Significantly for Top Solana Rival To Plummet 41%, Updates Outlook on Bitcoin
Cryptocurrency analyst and trader Ali Martinez is leaning bearish on a Solana (SOL) competitor.
Martinez tells his 130,100 followers on the social media platform X that Sui (SUI) faces the risk of a “sharp correction” amid the formation of a bearish pattern.
“Since November 2024, Sui has been shaping a head and shoulders pattern with the neckline at $3 serving as a crucial support level. And the price action seen in the last few weeks helped form the pattern’s right shoulder, which is not a positive sign. After the recent break of the $3 support level, the odds have increased significantly for a 40% correction that takes Sui to $1.60.”
Sui is trading at $2.73 at time of writing, down by around 48% from the all-time high price of $5.35 reached early in January.
Next up is Bitcoin (BTC). On the potential move the crypto king is likely to make next, Martinez says,
“Bitcoin is consolidating within a triangle, setting the stage for a potential 20% price move!”
The crypto analyst further says that based on data from the blockchain analytics platform Glassnode, the supply of Bitcoin in the hands of long-term holders – entities that have kept their coins dormant for over 155 days – grew between February 11th and March 5th. The supply of Bitcoin currently in the hands of long-term holders stands at 13,195,498 BTC.
“Long-term holders are accumulating! The supply held by long-term holders has increased by 85,000 Bitcoin in the past month.”
Bitcoin is trading at $89,170 at time of writing.
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