Solana (SOL) cryptocurrency, one of the standout altcoins in the cryptocurrency market, has seen a slight 1.5% increase in its market value over the last 24 hours, despite a recent bearish phase. Last week, the cryptocurrency lost 9% of its value, but recent developments suggest a potential turnaround.
Cryptocurrency analyst Ali Martinez, using the technical tool TD Sequential, has indicated a possible buy signal for SOL after the coin hit a significant support level of $141.
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 price turnaround for the coin. The TD Sequential indicator used by Martinez is renowned for identifying potential trend reversal points by analyzing price sequences.
According to Martinez, the signal generated by TD Sequential suggests a possible uptrend for Solana, which could last for a period of 1 to 4 days, as long as the $141 support holds. Since this analysis, Solana has already experienced an appreciation of over 3%, surpassing the $145 mark.
If this positive trend continues, it is expected that Solana could reach or even exceed $158 in the coming days. However, a significant resistance in the $149 range may test the strength of this upward movement. If there is enough selling pressure in this range, the cryptocurrency may resume its previous bearish trend.
In a broader perspective, Solana is currently trading around $146.90, after a 13% decline in 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 opinions expressed in this article are for informational purposes only and do not constitute financial advice. Investing in cryptocurrencies carries a risk of financial loss.
Editor’s Choice: Solana ecosystem tokens: Best blockchain cryptocurrencies. Michael Novogratz praises Solana and says memecoins are a “cornerstone” of the industry.