According to a well-known crypto analyst, a momentum indicator has recently turned bullish for Solana.
Ali Martinez informs his 70.400 followers via the social media platform X, that Tom DeMark’s (TD) Sequential Indicator of Ethereum’s (ETH’s) top rival presented a buying signal on its daily chart.
Traders can use the TD Sequential Indicator for predicting potential trend reversals based on their closing price of the 13 bars or candles that preceded the token.
Martinez states that SOL could rebound “from the lower channel boundary to the middle and upper boundaries positioned respectively at $154 or $187.”
SOL was trading at $123.22 when this article was written. SOL, the 5th-ranked cryptocurrency asset by market capitalization, is down almost 6% over the last 24 hours. It has also fallen nearly 10% within the last seven days.
Analysts warn that SOL’s price could be significantly impacted by a close sustained below the lower channel boundary of $126. This would push the asset to a range between $90-$110.
Martinez notes also that the market for digital assets is currently registering a “high level of fear.” He cites the Crypto Fear & Greed Index which measures market sentiment from 0-100.
Extreme fear may indicate that conditions are being oversold, whereas extreme greed indicates overbought situations.
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As new information becomes available, this post Momentum Indicator Turns Bullish For Ethereum Rival Solana According To Crypto Analyst- Here Are His Goals could be updated.
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