A closely followed crypto trader thinks that one Ethereum (ETH) challenger may be on the cusp of a breakout rally.

Crypto trader Ali Martinez tells his 40,000 followers on the social media platform X that Solana (SOL) is forming a bullish continuation pattern on the hourly chart.

The analyst shares a chart that suggests SOL could rally to a level last seen about two years ago if it manages to take out its immediate resistance at $110.

“On the hourly chart, Solana is showing signs of forming a bull flag. A decisive close above the $110 resistance level could be the catalyst for a significant upward move! If this pattern holds, we might see SOL heading toward an ambitious target of $163.” 

At time of writing, Solana is worth $99.54.

Looking at fellow Ethereum rival Cardano (ADA), Martinez says the altcoin appears to be mirroring mid-2021 price action when it consolidated above a key price area before igniting on a parabolic surge.

“So far, Cardano price action is echoing its 2018-2020 pattern! If this trend continues, we might see ADA consolidating around its current levels until April, setting the stage for a potential resumption of the bull run.”

Based on the trader’s chart, he seems to predict that Cardano co

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Author: Henry Kanapi

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