- Solana (SOL) is at risk of a major drop—trading near $134, it recently broke below a key support at $128. A bearish wedge pattern suggests it could fall as low as $65–$70.
- Bitcoin (BTC) is hovering around $84.7K, with a critical support zone at $82K. Heavy accumulation at this level could provide a bounce, but if it breaks, downside risk increases.
- Ethereum (ETH) recently broke below $1,550, and bearish momentum is building. Unless buyers defend lower levels, ETH may continue slipping, especially with resistance stacked near $1,900–$2,000.
Renowned crypto analyst Ali Martinez has just dropped a pretty sobering analysis that’s making waves in the trading community. He’s got his eyes on three big names—Solana, Bitcoin, and Ethereum—and let’s just say, the charts aren’t looking super friendly right now.
Martinez’s technical breakdown and on-chain data reveal some critical price levels, and according to him, we could be heading into some rocky territory. Let’s break it down.
Solana’s Wedge Breakdown — Is $65 on the Table?
Starting with Solana (SOL)—Martinez points out that things could get ugly if the current setup plays out. SOL is dancing around $134, but the real trouble is its failure to break above $138, a key resistance point.
What’s worrying is the bearish rising wedge he spotted on the 3-day chart. That pattern? It usually doesn’t end well. A drop below the $128 support level has already confirmed a bearish reversal, and if things continue, Martinez sees potential for a 48% nosedive, putting targets somewhere near the $65–$70 range.
And yep, he’s not just guessing here—this move aligns with classic wedge breakdown behavior. Traders might wanna keep a close eye here because if SOL can’t reclaim support, that slide could pick up speed fast.
Bitcoin’s $82K Level: Make or Break?
Now let’s talk Bitcoin. BTC is holding around $84,698, but Martinez highlights the $82,024 support level as a key battleground. According to Glassnode, around 96,580 BTC has been accumulated at that price—basically, a ton of folks are rooting for that level to hold.
Martinez uses the “Cost Basis Distribution” heatmap to show just how much BTC is sitting at that price band. Those big red and orange blobs? That’s where people have bought in heavy. Historically, that’s meant support… but no guarantees, especially in this market.
Still, if you’re looking for where Bitcoin might bounce, that $82K zone could be the psychological cushion the bulls need.
Ethereum’s Breakdown: Buyers, Where You At?
ETH hasn’t had the best week either. It dipped below $1,550, signaling a break from previous support and—yep—more bearish vibes.
Martinez points out a ton of Ethereum—over 822,000 ETH—sitting between $1,900 and $2,000 (according to Glassnode). That’s where things get interesting because unless buyers step in soon, there’s risk of ETH heading even lower.
The failed attempt to hold $1,850 didn’t help either, and now, traders are watching for signs of a recovery. But with bearish pressure mounting, the market needs a spark—or some serious buying volume—to flip the script.
Final Thoughts: Caution in the Air
Martinez’s analysis isn’t just doom and gloom, but it is a solid reminder: this isn’t the time to blindly ape into trades. Solana’s on edge, Bitcoin is testing major support, and Ethereum’s hanging by a thread after its breakdown.
If you’re trading these markets, these technical levels could be the difference between catching a rebound—or getting caught in a drop. And in this volatile environment, cautious optimism might just be your best strategy.
So yeah… tighten your seatbelt. Crypto’s not done with the plot twists just yet.
