Prominent cryptocurrency analyst Ali Martinez recently examined the current price movements of four major cryptocurrencies on May 15, indicating the potential for price increases in the near future for Bitcoin (BTC), Ethereum (ETH), Shiba Inu (SHIB), and Solana (SOL).
Out of the four cryptocurrencies mentioned in the analysis, only Ethereum is showing positive gains today, with a 0.5% increase in the last 24 hours. On the other hand, BTC, SOL, and SHIB are experiencing significant pullbacks, with drops of 1.3%, 2.8%, and 4.3% respectively.
Bitcoin
Martinez emphasized in his analysis that holders are taking advantage of the dip in Bitcoin, suggesting that the rise in buying pressure indicates a bullish sentiment for the largest cryptocurrency. Despite recent attempts to remain stable, BTC fell below US$65, reaching its lowest market value since May 16.
The supply of Bitcoin on cryptocurrency exchanges recently reached a milestone, with data from the analysis platform Santiment showing that the supply of Bitcoin on exchanges dropped to its lowest level since December 2021, at around 942 thousand coins. This limited supply suggests reduced downside risk for all cryptocurrencies.
Ethereum
The analysis noted a buy signal from Ethereum, signaling a positive outlook for the second-largest cryptocurrency. Despite a 3.9% decrease over the past seven days, ETH is currently trading around $3,530.
Furthermore, a significant withdrawal of approximately 336,000 ETH from Coinbase wallets in the last two days has been observed, indicating a more cautious approach by investors who anticipate a future appreciation of Ethereum.
Shiba Inu
Similar to Ethereum, memecoin Shiba Inu (SHIB) is showing signs of a potential price recovery, as seen on its daily chart. However, the token has experienced a notable 11% price pullback in the last seven days.
A recent forecast suggested a potential explosive price increase of over 1,000% for the SHIB token, further indicating a positive outlook for the cryptocurrency.
Solana
Solana, the fifth-largest cryptocurrency in the market, recently reached a crucial support level at US$141, emphasizing the importance of maintaining this level for the price of SOL to rise. Despite recent fluctuations, Solana remains a standout asset in the market with the potential for significant price growth.
An analysis revealed that Solana’s price could potentially surpass $1,000 in the coming months, showcasing the confidence of investors in the cryptocurrency’s future prospects.
Disclaimer: The opinions expressed in this article are for informational purposes only and do not constitute financial advice. Investing in cryptocurrencies carries inherent risks of financial loss.