Renowned crypto trader Ali Martinez has identified a promising layer-one altcoin that has the potential to surge by a staggering 30 times.
Martinez recently shared with his 132,300 followers on the social media platform X that Solana (SOL) is exhibiting a cup and handle pattern on the weekly time frame, indicating a potential 2,915% increase in value.
For those unfamiliar with technical analysis, a cup and handle pattern typically resembles a cup shape and is seen as bullish when the price breaks out to the upside after forming the handle of the cup.
“If this pattern is confirmed, Solana could reach $3,800,” stated Martinez.
At the time of writing, Solana is priced at $126.
Turning his attention to Dogecoin (DOGE), Martinez highlighted that the popular memecoin is currently trading within an ascending channel on the weekly time frame. He suggested that Dogecoin could experience a significant surge if it manages to hold the $0.16 support level at the lower boundary of the channel.
Based on Martinez’s analysis, Dogecoin could potentially reach over $20, marking an impressive 115x increase from its current value.
As of now, Dogecoin is trading at $0.174.
Additionally, Martinez shared his insights on Bitcoin (BTC), noting that the leading cryptocurrency is currently consolidating within an ascending triangle on the one-hour time frame.
In technical analysis, an ascending triangle is viewed as a bullish pattern that typically forms during an uptrend. A confirmed breakout from the pattern’s upper boundary signals a continuation of the upward price movement.
“A breakout from this pattern could result in a 9% price increase,” Martinez explained.
Bitcoin is currently priced at $84,979.
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Generated Image: Midjourney