Analyst Says Odds Have Increased Significantly for Top Solana Rival To Plummet 41%, Updates Outlook on Bitcoin

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!”

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.”

Bitcoin is trading at $89,170 at time of writing.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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