Solana
Analyst says not to get too excited about market recovery
Ali Martinez, Crypto Analyst has warned the crypto community not to get too excited about the recent market rally trigger from the Solana Spot ETF filing. Bitcoin (BTC) and the broader crypto market have seen a relief bounce after recent bullish developmentsbut the analyst pointed out what could send the market back into a new downtrend.
Why the crypto community shouldn’t get “too excited” after the Solana ETF rally
Martinez mentioned in an X (formerly Twitter) job that the crypto community shouldn’t get too excited because 22 million dollars will be liquidated of the crypto market if Bitcoin falls to $60,700. A significant amount of liquidations could lead to a further decline in the crypto market, especially with other traders and investors looking to close their positions out of fear of being liquidated.
Martinez issued the warning following the market rally driven by Bitcoin and altcoins. The rally follows news that asset manager VanEck has filed for bankruptcy protection Solana Spot ETF with the United States Securities and Exchange Commission (SEC). Solana, in particular, saw a price surge of over 8% and reached as high as $150 following the news.
The cryptocurrency market has also been boosted in anticipation of the American presidential debate. The crypto community expected crypto to be a major talking point during the discussion, even though that didn’t happen. Regardless, there are still enough reasons for the crypto market to be excited, as VanEck’s filing of the first-ever Solana Spot ETF marks a major milestone not only for the Solana ecosystem but for the crypto ecosystem in general.
Other asset managers can be expected to file for Spot Solana ETFs in due course, and the potential approval of these funds could pave the way for more crypto ETFs, just like the Approval of a Spot Bitcoin and Ethereum ETF motivated VanEck to file. Solana Spot ETF. Meanwhile, the Spot ETF Ethereum are expected to begin trading soon, providing additional bullish momentum to the cryptocurrency market.
Technical indicators also point to further gains in Bitcoin
Martinez recently highlighted an Adam and Eve dip pattern, which he says appears to be forming on Bitcoin’s chart. He said this signals a potential 6% increase to $66,000 if Bitcoin can sustain a candlestick close above $62,000. Additionally, Martinez recently pointed out that Cryptocurrency Market Sentiment has turned into fear, suggesting that cryptocurrency prices are currently undervalued and a market rebound is imminent.
According to MartinezBitcoin Relative Strength Index (RSI) also shows that now is a good time to buy the Bitcoin dip. Historical trends suggest that a parabolic rally is already on the cards for the flagship crypto. Once Bitcoin moves higher, the broader crypto market is likely to see a massive rebound.
Crypto Analyst Javon Marks He also alluded to Bitcoin’s RSI and highlighted a bullish divergence pattern that had formed on Bitcoin’s chart, which he said validates a bullish outlook for the crypto token. predicted that Bitcoin could soon rebound towards $72,000 and possibly reach new all-time highs (ATH) if this uptrend continues.
Featured image created with Dall.E, chart by Tradingview.com