2023-11-20 19:42 |
Noted crypto strategist Ali spotlights an intriguing correlation in Litecoin—the linkage between whale holdings and subsequent price action. If historical trends hold, an uptick in large LTC accumulations may signal Litecoin’s next major advance.
According to Ali, Litecoin’s previous price surges have largely coincided with rises in holdings among whales, or addresses containing significant LTC balances. The metric acts as a barometer of conviction among influential investors.
When whale appetite for LTC expands, it often preludes heightened bullish momentum. If whales once again begin ramping up their Litecoin stores, Ali suggests it could foreshadow the next uptrend being set in motion.
Naturally this indicator is not foolproof and must be contextualized with other signals. Still, monitoring LTC whale activity provides a valuable data point to gain insights into smart money positioning. Traders may want to closely track this metric for signs of accumulating strength or waning momentum.
Solana Flashes Ominous Sell Signal After 600% RallySolana’s native token, SOL, has printed a bearish TD sequential sell signal on its weekly chart, cautions Ali. The indicator’s appearance comes right after SOL surged over 600% off its June lows, potentially signaling a trend reversal.
According to Ali, the TD Sequential is utilized to identify exhausted trends that are prone to corrections. With the weekly candle close still pending, he warns that the next few days will be pivotal for SOL.
A confirmation of the sell signal could prompt significant profit-taking from Solana’s parabolic run in recent months. Ali contends this could trigger a slide back toward the $45 mark, with the potential to even reach $30 if bearish momentum builds.
Bullish traders will want to see SOL hold above the weekly support level it has established around $35. Otherwise, failure to invalidate TD Sequential’s bearish call could flash warning signs for Solana’s uptrend after its vertical ascent.
Read also:
Solana Bullish as SOL Reaches $60 First Time Since May, But Initial Retracement to This Level Is Possible This BTC Indicator Makes It ‘Incredibly Easy’ to Know if Bitcoin Is in a Bull or Bear Market Analyzing Future Prospects: $ROE, XRP, and SOL’s Potential for Market GrowthPrudent SOL holders may consider safeguarding exposure until confirmation arrives of this rally’s sustainability. If the ominous sell signal indeed materializes, the second half of November could greet Solana with stiff headwinds.
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The post Litecoin Whale Activity Could Foreshadow Next Bull Run While Solana Flashes Sell Signal appeared first on CaptainAltcoin.
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