Solana may break two-year high in the near future

Cryptocurrency trader Ali Martinez tells his 40,000 followers on Platform X that Solana SOL $167.56 Solana -2.67% Market capitalization $81.89 billion VOL. 24 hours $0.25 billion is forming a promisingly long bullish pattern on the hourly chart.

The analyst shares a chart that suggests SOL could rise to levels last seen about two years ago. The condition is that the cryptocurrency must overcome the nearest resistance at $ 110.

«On the hourly chart, Solana shows signs of a bullish trend. A decisive close above the $ 110 resistance level could be the catalyst for a significant upward movement! If this pattern holds, we could see SOL heading towards the ambitious $ 163 target,» Martinez said.

Looking at Ethereum’s rival Cardano ADA $0.77 Cardano -1.72% Market capitalization $27.5 billion VOL. 24 hours $50.33 million , Martinez notes that the altcoin is mirroring the price action of mid-2021, when it consolidated above a key price zone before breaking out on a parabolic spike.

«At the moment, Cardano’s price behavior is following the pattern of 2018−2020. If this trend continues, we may see ADA consolidate around current levels until April, which will create conditions for a potential resumption of the bullish movement,» the crypto expert writes.

Based on the chart, the analyst predicts that Cardano could rise to $ 8.00 by 2025.