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Solana Faces 48% Drop Risk, Bitcoin Holds $82,024 Support, Ethereum Signals Rebound

Coin WorldThursday, Apr 17, 2025 4:06 pm ET

1min read

Cryptocurrency trader and analyst Ali Martinez has expressed a bearish outlook on Solana (SOL), while also updating his views on Bitcoin (BTC) and Ethereum (ETH).

Martinez, who has a significant following on the social media platform X, has warned that Solana could experience a substantial decline of up to 48% from its current level if it fails to surpass the resistance area below the $138 price point. He suggests that Solana might be retesting the breakout zone from a right-angled ascending broadening pattern, with a potential target of $65 still in play. At the time of writing, Solana is trading at $125.

Turning to Bitcoin, Martinez highlights the importance of the support zone around $82,024, noting that 96,580 BTC were accumulated at this price. This accumulation pattern is an on-chain metric used to identify potential buyer interest if the price falls to that level. Bitcoin is currently trading at $83,999.

Regarding Ethereum, Martinez indicates that the cryptocurrency could be poised for a significant rebound. The Tom DeMark (TD) Sequential indicator, a tool used in technical analysis to identify potential trend reversal points, is showing a bullish signal on the weekly time frame. Additionally, Martinez points out that Ethereum is currently above a major support level, with 822,440 ETH previously accumulated at $1,546.55. This level is considered critical and worth monitoring closely. Ethereum is trading at $1,582 at the time of writing.

Martinez's analysis underscores the volatile nature of the cryptocurrency market, where price movements can be influenced by a variety of factors, including technical indicators and on-chain metrics. His bearish stance on Solana, coupled with his optimistic outlook on Bitcoin and Ethereum, reflects the diverse and dynamic landscape of the crypto market. Investors are advised to conduct thorough research and exercise caution when making high-risk investments in digital assets.

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