The post Analyst Says Odds Have Increased Significantly for Top Solana Rival To Plummet 41%, Updates Outlook on Bitcoin appeared on BitcoinEthereumNews.com.

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!” Source: Ali Martinez/X 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.” Source: Ali Martinez/X Bitcoin is trading at $89,170 at time of writing. Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X, Facebook and Telegram Surf The Daily Hodl Mix &nbsp Disclaimer: Opinions expressed at The Daily Hodl…

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Filed under: News - @ March 8, 2025 10:16 am