Analyst Calls Buy Signal As Solana Hits Key Support At $141

In line with data from CoinMarketCap, Solana (SOL) has been barely positive within the last day, notching a market gain of 1.37%. This price increase, while little, is extremely encouraging for investors considering Solana’s bearish form up to now 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 invention of a buy signal.

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 on the $141 price mark. In line with the analyst, this decline resulted within the generation of a buy signal by the TD Sequential indicator.

#Solana has hit a key support level at $141, with the TD Sequential showing a buy signal on the $SOL day by day chart! If this support holds, #SOL could rebound for one to 4 day by day candlesticks. pic.twitter.com/AjQX8CGf1d

— Ali (@ali_charts) June 15, 2024

For context, the Tom DeMark Sequential indicator is a technical evaluation tool used to discover potential turning points in the worth of an asset. The first goal of the TD Sequential is to anticipate market reversals and trends by counting a series of price bars.

Following Solana’s bearish form up to now week, Martinez states that the token’s price drop to $141 has signaled a possible trend reversal in keeping with 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 following 1-4 days.

Interestingly, since hitting the desired support level, Solana climbed by over 3% to trade above the $145 price mark.

If SOL maintains the identical level of price growth over the following 4 days, the altcoin is predicted to achieve a price mark of not less than $158. Nonetheless, a critical resistance lies on the $149 price zone. Sufficient selling pressure at this price may force SOL to resume its bearish trend.

SOL Price Overview

At press time, Solana trades at $145.16 after a ten.25% decline during the last month. Nonetheless, the altcoin still stays certainly one of the best-performing major cryptocurrencies in 2024 with a combined market gain of 43.5% all 12 months.

Generally, Solana is tipped as one asset to look out for within the expected crypto bull run following its performance within the last bull cycle where it rose from around $3.5 to a peak price of $249.98. As well as, Solana boasts of a sturdy meme coin ecosystem valued at $7.46 billion which could also contribute to spurring the token’s price to recent heights in the approaching months.

SOL trading at $145.04 on the 4-hour chart | Source: SOL chart on Tradingview.com

Featured image from Forbes, chart from Tradingview