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The Daily Hodl

04/08/2024

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Crypto Analyst Details ‘Contrarian’ Solana Play Amid Drop in SOL Sentiment - The Daily Hodl

Closely followed crypto analyst Ali Martinez says that a contrarian play on Solana might be presenting itself for SOL bulls. Martinez says that Solana’s consolidation from the yearly high and the recent...

Crypto Analyst Details ‘Contrarian’ Solana Play Amid Drop in SOL Sentiment - The Daily Hodl

Closely followed crypto analyst Ali Martinez says that a contrarian play on Solana might be presenting itself for SOL bulls.

Martinez says that Solana’s consolidation from the yearly high and the recent outages on its network have created a low in sentiment for SOL.

Late last week, Solana also dealt with some congestion issues partially stemming from a rush of users looking to speculate on memecoins.

Martinez says now may be the time for a contrarian bounce from SOL.

“Crowd sentiment for SOL hasn’t been this low since the Solana network outage on February 6th. Being contrarian now might just pay off!”

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Source: Ali Martinez/X

At time of writing, Solana is trading for $176.92.

Martinez also has his radar on Cardano (ADA). According to the analyst, a slowdown in ADA whale activity is currently suggesting that more consolidation or a potential correction may be on the horizon for the Ethereum (ETH) rival.

“Cardano is experiencing a lull in whale activity, signaling potential for further ADA price consolidation or an impending drop.”

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Source: Ali Martinez/X

At time of writing, ADA is worth $0.584.

Looking at Bitcoin, Martinez notes that over $7.5 billion worth of BTC has left wallets linked to crypto exchanges, suggesting that investors are withdrawing their coins to hold them in cold storage.

“In the last month, almost 111,000 BTC, valued at approximately $7.55 billion, have been moved out of known crypto exchange wallets!”

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Source: Ali Martinez/X

At time of writing, Bitcoin is trading at $69,793.

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