A closely followed crypto analyst says that one mid-cap altcoin looks primed to quadruple by August while updating his outlook on Dogecoin (DOGE) and Solana (SOL).
In a new strategy session, crypto trader Ali Martinez tells his 139,600 followers on the social media platform X that Pudgy Penguin (PENGU), the native asset of a non-fungible token (NFT) collection with the same name, appears ready to skyrocket aided by the launch of its upcoming exchange-traded fund (ETF).
“Slap yourself if you are sleeping on PENGU. This is a textbook bullish retest. $0.060 by August is just the start. Once the ETF gets approved, who knows how far this can go.”
PENGU is trading for $0.019 at time of writing, a 31.4% increase during the last 24 hours. A rise to Martinez’s target would represent a 216% gain for the asset.
Moving on to the popular meme asset DOGE, Martinez says that every time it forms a specific pattern, its price tends to rise. The analyst says he envisions the dog-themed digital asset rising to between $0.20 and $0.25.
“Every time Dogecoin forms this pattern, price takes off. Right now, Dogecoin is sitting at the bottom of a parallel channel. A buying spike here could send Dogecoin to $0.20 and maybe even $0.25.”
DOGE is trading for $0.179 at time of writing, a 4% gain on the day.
Concluding his analysis with the smart contract platform Solana, Martinez notes that the asset has broken through its resistance zone and is on its way to a price tag of $164 by the end of the week.
“Solana is forming a symmetrical triangle, and an 8% move could be next. A close above $153 could send Solana above $164.”
SOL is trading for $156 at time of writing, a 1.6% gain on the day.
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Generated Image: Midjourney