Analyst Calls Buy Signal As Solana Hits Key Support At $141
16 June 2024 - 8:18PM
NEWSBTC
According to data from CoinMarketCap, Solana (SOL) has been
slightly positive in the last day, notching a market gain of 1.37%.
This price increase, while little, is highly encouraging for
investors considering Solana’s bearish form in the past week where
it lost 8.11% of its market value. Interestingly, crypto analyst
Ali Martinez postulates that SOL could sustain its current positive
performance following the discovery of a buy signal. Related
Reading: New Solana Meme Coin Baseheroes Surges By 300%, Sealana
Could Be Next To Explode Solana Hits Critical $141 Support, TD
Sequential Hints At Price Surge Via his X handle on Saturday, Ali
Martinez noted that Solana had recently fallen to a key support
level at the $141 price mark. According to the analyst, this
decline resulted in the generation of a buy signal by the TD
Sequential indicator. For context, the Tom DeMark Sequential
indicator is a technical analysis tool used to identify potential
turning points in the price of an asset. The primary goal of the TD
Sequential is to anticipate market reversals and trends by counting
a series of price bars. Following Solana’s bearish form in the past
week, Martinez states that the token’s price drop to $141 has
signaled a potential trend reversal according to signals from TD
Sequential. Martinez postulated that if the buy signal proves true
and the $141 price mark holds as a solid support level, SOL could
maintain a price rally for the next 1-4 days. Interestingly,
since hitting the specified support level, Solana climbed by over
3% to trade above the $145 price mark. If SOL maintains the
same level of price growth over the next four days, the altcoin is
expected to attain a price mark of at least $158. However, a
critical resistance lies at the $149 price zone. Sufficient selling
pressure at this price may force SOL to resume its bearish trend.
Related Reading: Bernstein Analysts Revise Bitcoin Target, $200,000
And $1 Million Become Main Focus SOL Price Overview At press time,
Solana trades at $145.16 after a 10.25% decline over the last
month. However, the altcoin still remains one of the
best-performing major cryptocurrencies in 2024 with a combined
market gain of 43.5% all year. Generally, Solana is tipped as one
asset to look out for in the expected crypto bull run following its
performance in the last bull cycle where it rose from around $3.5
to a peak price of $249.98. In addition, Solana boasts of a robust
meme coin ecosystem valued at $7.46 billion which could also
contribute to spurring the token’s price to new heights in the
coming months. Featured image from Forbes, chart from Tradingview
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