Cryptocurrency analyst and dealer 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 chance of a “sharp correction” amid the formation of a bearish sample.
“Since November 2024, Sui has been shaping a head and shoulders sample with the neckline at $3 serving as a vital help stage. And the worth motion seen in the previous few weeks helped kind the sample’s proper shoulder, which isn’t a optimistic signal. After the current break of the $3 help stage, the chances have elevated considerably for a 40% correction that takes Sui to $1.60.”
Sui is buying and selling at $2.73 at time of writing, down by round 48% from the all-time excessive worth of $5.35 reached early in January.
Subsequent up is Bitcoin (BTC). On the potential transfer the crypto king is more likely to make subsequent, Martinez says,
“Bitcoin is consolidating inside a triangle, setting the stage for a possible 20% worth transfer!”
The crypto analyst additional says that based mostly on knowledge from the blockchain analytics platform Glassnode, the availability of Bitcoin within the arms of long-term holders – entities which have stored their cash dormant for over 155 days – grew between February eleventh and March fifth. The provision of Bitcoin presently within the arms of long-term holders stands at 13,195,498 BTC.
“Lengthy-term holders are accumulating! The provision held by long-term holders has elevated by 85,000 Bitcoin up to now month.”
Bitcoin is buying and selling at $89,170 at time of writing.
Do not Miss a Beat – Subscribe to get e-mail alerts delivered on to your inbox
Verify Price Action
Comply with us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Each day Hodl aren’t funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your individual danger, and any losses chances are you’ll incur are your duty. The Each day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Each day Hodl an funding advisor. Please notice that The Each day Hodl participates in internet affiliate marketing.
Generated Picture: Midjourney
