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<p><a href="https://bitcoinist.com/dogecoin-price-100-to-0-322/" rel="nofollow">Crypto analyst Ali Martinez</a> has warned the crypto community not to get too excited about the recent market recovery trigger by Spot Solana ETFs filing. Bitcoin (BTC) and the broader crypto market witnessed a relief bounce following <a href="https://bitcoinist.com/first-spot-solana-etf-filing-officially-submitted/" rel="nofollow">recent bullish developments</a>, but the analyst highlighted what could send the market into a downtrend again.&nbsp;&nbsp;</p> 
<h2 id="why-the-crypto-community-should-not-get-too-excited-after-solana-etfs-rally">Why The Crypto Community Should Not Get “Too Excited” After Solana ETFs Rally</h2> 
<p>Martinez mentioned in an X (formerly Twitter) <a href="https://x.com/ali_charts/status/1806404768325067224" rel="nofollow">post</a> that the crypto community should not get too excited because <a href="https://bitcoinist.com/crypto-futures-liquidations-150m-bitcoin-plummets/" rel="nofollow">$22 million will be liquidated</a> from the crypto market if Bitcoin drops to $60,700. A significant amount in liquidations could lead to further decline in the crypto market, especially with other traders and investors looking to close their positions for fear of being liquidated.&nbsp;</p> 
<p>Martinez issued this warning following the market rebound made by Bitcoin and altcoins. This rebound followed news that asset manager VanEck had filed for a <a href="https://bitcoinist.com/first-spot-solana-etf-filing-officially-submitted/" rel="nofollow">Spot Solana ETF</a> with the <a href="https://www.newsbtc.com/news/sec-announcement-crypto/#:~:text=What%20The%20SEC's%20Latest%20Announcement%20Means%20For%20The%20Crypto%20Industry,-by%20Scott%20Matherson&amp;text=A%20recent%20announcement%20by%20the,actions%20have%20had%20on%20it.">US Securities and Exchange Commission (SEC)</a>. Solana, in particular, saw a price gain of over 8% and rallied to as high as $150 following the news.&nbsp;</p> 
<p>The crypto market was also buoyed in anticipation of the <a href="https://bitcoinist.com/bitcoin-global-stocks-plunge-as-us-presidential-debate-stoke-worries/" rel="nofollow">US presidential debate</a>. The crypto community had anticipated crypto being a major talking point during the discussion, although that didn’t happen. Regardless, there is still enough reason for the crypto market to be excited, as VanEck’s filing for the first-ever Spot Solana ETF marks a significant milestone not just for the Solana ecosystem but the crypto ecosystem in general.&nbsp;&nbsp;</p> 
<p>Other asset managers can be expected to file for a Spot Solana ETF in due time, and the potential approval of these funds could usher in more crypto ETFs just as the approval of a Spot Bitcoin and Ethereum ETF motivated VanEck to file for this <a href="https://bitcoinist.com/solana-next-in-line-spot-etf-approval-after-eth/" rel="nofollow">Spot Solana ETF</a>. Meanwhile, the <a href="https://bitcoinist.com/ethereum-spot-etfs-trading/#:~:text=Bloomberg%20analyst%20James%20Seyffart%20has,approval%20would%20come%20this%20week." rel="nofollow">Spot Ethereum ETFs</a> are expected to begin trading soon, providing more bullish momentum for the crypto market.&nbsp;</p> 
<h2 id="technical-indicators-also-point-to-more-rallies-for-bitcoin">Technical Indicators Also Point To More Rallies For Bitcoin</h2> 
<p>Martinez <a href="https://x.com/ali_charts/status/1806328202295497195" rel="nofollow">recently highlighted</a> an Adam and Eve bottoming pattern, which he claimed seems to be forming on Bitcoin’s chart. He stated that this signals a <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-crash-10-69000/">potential 6% rise towards $66,000</a> if Bitcoin can maintain a candlestick close above $62,000. Additionally, Martinez recently noted that the <a href="https://bitcoinist.com/bitcoin-investors-ditch-greed-after-crash-61000/#:~:text=The%20%E2%80%9CFear%20%26%20Greed%20Index%E2%80%9D,cryptocurrency%20market%20share%20right%20now." rel="nofollow">crypto market sentiment</a> has turned into fear, which suggests that crypto prices are currently undervalued and that a market rebound is imminent.&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-medium wp-image-626918" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Solana-1-2.png?w=460&amp;resize=460%2C342" alt="Solana 1S" width="460" height="342" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Solana-1-2.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/06/Solana-1-2.png?w=460&amp;resize=460%2C342 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
<p>According to <a href="https://x.com/ali_charts/status/1805693355776786920" rel="nofollow">Martinez</a>, Bitcoin’s <a href="https://bitcoinist.com/bitcoin-breakout-from-major-resistance-levels/" rel="nofollow">relative strength index (RSI)</a> also shows that this is a good time to buy the Bitcoin dip. Historical trends suggest that a parabolic rally is already on the cards for the flagship crypto. Once Bitcoin makes its move to the upside, the broader crypto market is expected to enjoy a massive bounce.&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-medium wp-image-626919" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Solana-2-2.png?w=460&amp;resize=460%2C259" alt="Solana 2" width="460" height="259" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Solana-2-2.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/06/Solana-2-2.png?w=460&amp;resize=460%2C259 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
<p><a href="https://bitcoinist.com/33000-move-for-xrp-price/" rel="nofollow">Crypto analyst Javon Marks</a> also alluded to Bitcoin’s RSI and highlighted a bullish divergence pattern that had formed on Bitcoin’s chart which he claimed validates a bullish outlook for the crypto token. He <a href="https://bitcoinist.com/analyst-foresees-bitcoin-revisiting-72000-soon/" rel="nofollow">predicted</a> that Bitcoin could soon make a rebound to $72,000 and possibly new all-time highs (ATHs) should this bullish pattern hold.&nbsp;&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/JP5lv2iY/" alt="SOL price chart from Tradingview.com (Spot Solana ETFs)" width="3286" height="1576">

Spot Solana ETFs: Analyst Says Don’t Get Too Excited About The Market Recovery

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