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Cryptocurrency trader and analyst Ali Martinez is leaning bearish on Solana (SOL) while updating his outlook on Bitcoin (BTC) and Ethereum (ETH). Starting with Solana, Martinez tells his 135,500 followers on the social media platform X that the sixth-largest crypto asset by market cap could fall by up to 48% from the current level if SOL fails to break above the resistance area that lies below the $138 price. “For all we know, Solana might be retesting the breakout zone from a right-angled ascending broadening pattern, with the $65 target still in play.” Source: Ali Martinez/ X Solana is trading at $125 at time of writing. Turning to Bitcoin, Martinez says that the crypto king’s support zone at around $82,024 is a “level worth watching closely” as 96,580 BTC were accumulated at that price, according to data from analytics platform Glassnode. Accumulation patterns are on-chain metrics used to determine where buyer interest could potentially be found i...

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Inflation concerns and the U.S. debt standoff cast a long shadow over Bitcoin’s dwindling bullish prospects. A bearish technical formation has driven down the total crypto market capitalization over the past seven weeks. Bitcoin’s (BTC) 2% decline — and a 1.7% and 2.5% decline from BNB (BNB) and XRP (XRP), respectively — were the main drivers of the most recent 1.3% correction between May 18 and May 25. Total crypto market cap in dollars, 12-hour. Source: TradingView The descending wedge formation initiated in April indicates a possible breakout near $1 trillion by late July. For bulls, the bearish structure that drove the total capitalization to $1.11 trillion on May 25 means that an eventual break to the upside would require extra effort. Bitcoin and Ether falter due to weak macroeconomic data Sticky inflation continues to worry investors, who price in higher odds of further interest rate increases by the United States Federal Reserve. The country’s latest personal consumption e...