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Cryptocurrency trader Ali Martinez says a payments-focused altcoin must stay above a key price level to avoid a steep corrective move.
Martinez tells his 133,500 followers on the social media platform X that if XRP (XRP) falls below $2, it risks witnessing a deeper drawdown due to a lack of consolidation below the price level.
“XRP testing the waters! Below $2, a gap with no significant support could pull it to $1.60.”
Source: Ali Martinez/X
Based on a chart citing on-chain data from blockchain analytics platform Glassnode, it appears that there’s an “air gap” between $2 and $1.60, indicating a weak foundation for XRP around that price zone.
XRP is trading at $2.56 at time of writing.
Next up is the layer-1 protocol Solana (SOL). According to Martinez, SOL is facing a “big test” at a resistance level a few percentage points above the current price.
“$135 stands as the most important resistance.”
Source: Ali Martinez/X
The widely followed analyst further says that investors in the sixth-largest crypto asset by market cap are capitulating based on the altcoin’s net unrealized profit/loss metric (NUPL), an on-chain indicator that measures whether accumulators of a coin are in a state of profit or loss.
Source: Ali Martinez/X
Based on the trader’s chart, SOL’s NUPL is hovering below the zero line, indicating that investors are witnessing losses and in the midst of capitulation.
Solana is trading at $132 at time of writing, down by around 55% from the all-time high price of $293 reached January 20th.
Looking at the top memecoin Dogecoin (DOGE), Martinez says that the altcoin has recorded significant demand in a week.
“Whale alert! Over 110 million Dogecoin bought up in a week. Big players are betting on a breakout.”
Source: Ali Martinez/X
Dogecoin is trading at $0.173 at time of writing.
