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 danger 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 assist degree. And the worth motion seen in the previous couple of weeks helped type the sample’s proper shoulder, which isn’t a constructive signal. After the current break of the $3 assist degree, 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 value 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% value transfer!”
The crypto analyst additional says that based mostly on knowledge from the blockchain analytics platform Glassnode, the provision 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 previously month.”
Bitcoin is buying and selling at $89,170 at time of writing.
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