Solana Reaches Crucial Support and Generates Buy Signal, According to Analyst

The Solana cryptocurrency (SOL), one of the altcoins with outstanding performance in the cryptocurrency market, showed a slight increase of 1.5% in its market value in the last 24 hours, despite a recent bearish phase. Last week, the cryptocurrency lost 9% of its value, but recent developments suggest a potential change.

Cryptocurrency analyst Ali Martinez, using the TD Sequential technical tool, indicated a possible buy signal for SOL, after the coin reached significant support at $141.

Ali Martinez, through his profile on the social network X, pointed out that Solana’s recent drop to the $141 support could be the key to a turnaround in the currency’s price. The TD Sequential indicator, used by Martinez, is renowned for identifying possible trend reversal points when analyzing price sequences.

#Solana has hit a key support level at $141, with the TD Sequential showing a buy signal on the $SOL daily chart! If this support holds, #SOL could rebound for one to four daily candlesticks. pic.twitter.com/AjQX8CGf1d

— Ali (@ali_charts) June 15, 2024

According to Martinez, the signal generated by TD Sequential suggests a possible rise for Solana, which could extend for a period of 1 to 4 days, maintaining the support of US$ 141. Since this analysis, Solana has already experienced an appreciation of more of 3%, exceeding the level of US$ 145.

If this positive trend continues, it is predicted that Solana could reach or even surpass US$158 in the coming days. However, important resistance in the $149 range could test the strength of this upward movement. If there is enough selling pressure in this range, the cryptocurrency could resume its previous bearish trend.

In a broader picture, Solana currently trades at around $146.90 after a 13% decline over the last month. Despite this recent drop, Solana stands out as one of the best performing cryptocurrencies in the year 2024, with an accumulated gain of 43.5%. The altcoin also benefits from a robust meme coin ecosystem, valued at $7.46 billion, which could positively influence its price in the future.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.