A closely followed crypto strategist is warning that layer-1 protocol Solana ( SOL ) may be on the verge of a severe corrective move. Analyst Ali Martinez tells his 122,400 followers on the social media platform X that Solana is in danger of plunging to levels last seen in October of 2024. According to the trader, SOL must stay above a key support level to invalidate his outlook. “This is it! If Solana SOL fails to hold above $191, a drop to $138 could be imminent.” Source: Ali Martinez/X Looking at the trader’s chart, he seems to suggest that SOL is still trading within an ascending parallel channel – a pattern indicating that an asset is an uptrend, printing higher highs and higher lows. But he notes that losing $191 as support means invalidating the channel’s diagonal support, potentially ending a multi-month uptrend. At time of writing, SOL is trading for $197, translating to a 39% decline if Solana hits the analyst’s downside target. Looking at XRP , the analyst notes that whales unloaded tens of millions of dollars worth of the third-largest crypto asset by market cap in just one day. “Whales have offloaded over 130 million XRP in the past 24 hours!” Source: Ali Martinez/X At time of writing, XRP is worth $2.24, down over 20% on the day. Deep-pocketed Dogecoin ( DOGE ) investors also offloaded their stacks, according to Martinez. “Whales sold 270 million Dogecoin DOGE in the last 24 hours!” Source: Ali Martinez/X At time of writing, DOGE is trading for $0.227, down over 22% in the past day. Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix 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. Generated Image: Midjourney The post Crypto Strategist Warns Solana (SOL) Could Witness 39% ‘Imminent’ Drop – Here’s His Outlook appeared first on The Daily Hodl .
