Based

Satoshi

Solana

Spot

Divergence

In the ever-uncertain world of cryptocurrency,<a href="https://www.coingecko.com/en/coins/solana" target="_blank" rel="noopener nofollow"> Solana (SOL)</a> is generating renewed interest among analysts, with some predicting a potential comeback in the near future. However, the road to recovery might be bumpy, as bullish signals are countered by lingering resistance levels and a cautious market sentiment. 
<h2 data-sourcepos="7:1-7:54" id="strong-technical-analysis-points-towards-bullish-reversal-strong">Technical Analysis Points Towards Bullish Reversal</h2> 
Analyst Ali Martinez has garnered attention with his recent analysis suggesting a bullish reversal for Solana. Based on the Tom DeMark (TD) Sequential indicator, Martinez believes a four-candle rally for SOL/USDT is imminent. This optimism is further bolstered by the Moving Average Convergence Divergence (MACD) indicator, which currently sits in positive territory, often interpreted as a sign of bullish momentum. 
The TD Sequential is a leading trend reversal indicator, and its recent buy signal is a significant development, explains Martinez. This, combined with the positive MACD, suggests that buyers might overpower the market and push SOL above the current resistance level, he pointed out. 
<blockquote class="twitter-tweet"> 
 The TD Sequential indicator presents a buy signal on the <a href="https://twitter.com/hashtag/Solana?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#Solana</a> daily chart, suggesting a potential upswing that could span one to four daily candlesticks for <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$SOL</a>. <a href="https://t.co/LR0I9Y2diu" rel="nofollow">pic.twitter.com/LR0I9Y2diu</a> 
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1761442138267463798?ref_src=twsrc%5Etfw" rel="nofollow">February 24, 2024</a>
</blockquote> 
<h2 data-sourcepos="13:1-13:41" id="strong-support-levels-and-resistance-hurdles-strong">Support Levels And Resistance Hurdles</h2> 
Despite the positive indicators, Martinez acknowledges the presence of hurdles. The price of SOL has faced resistance at $104.67 in recent attempts to climb higher. Additionally, a drop below the crucial support level of $102.08 could trigger a decline to $99.81. 
<img loading="lazy" decoding="async" class="aligncenter size-full" src="https://www.tradingview.com/x/OqwztRY6/" width="1835" height="883"> 
Adding another layer of complexity is the current market sentiment. The Relative Strength Index (RSI), which measures market momentum, currently sits below 50, indicating a bearish sentiment. This suggests that despite technical indicators pointing towards a potential upswing, investors might still be hesitant to jump in. 
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-576841" src="https://www.newsbtc.com/wp-content/uploads/2024/02/a_8b4e42.png?resize=636%2C385" alt="" width="636" height="385" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/a_8b4e42.png?resize=636%2C385?w=636 636w, https://www.newsbtc.com/wp-content/uploads/2024/02/a_8b4e42.png?resize=636%2C385?w=460 460w" sizes="(max-width: 636px) 100vw, 636px" data-recalc-dims="1"> Solana Founder’s Tweet Sparks Speculation 
Further adding to the intrigue surrounding Solana is a recent tweet by its founder, Anatoly Yakovenko. The tweet, referencing Satoshi Nakamoto, the pseudonymous creator of Bitcoin, has left the crypto community scratching their heads. While the exact meaning of the tweet remains unclear, it has sparked speculation and could potentially impact investor sentiment. 
<blockquote class="twitter-tweet"> 
 Satoshi also invented solana. She just did a much better job covering up her tracks this time. The truth is out there <a href="https://t.co/bjfcGsHqOl" rel="nofollow">https://t.co/bjfcGsHqOl</a> 
 — toly <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f1fa-1f1f8.png" alt="🇺🇸" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@aeyakovenko) <a href="https://twitter.com/aeyakovenko/status/1761410819185631643?ref_src=twsrc%5Etfw" rel="nofollow">February 24, 2024</a>
</blockquote> Solana’s Future Hinges On Multiple Factors 
Solana’s future trajectory will likely depend on a confluence of factors. The success of its ongoing development projects, its ability to overcome technical hurdles, and the overall performance of the broader cryptocurrency market will all play a significant role in determining its price movements. 
At the time of writing, SOL was trading at $101.59 down .0% and 9.2% in the 24-hour and weekly timeframes, data from Coingecko shows. 
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-576865" src="https://www.newsbtc.com/wp-content/uploads/2024/02/a_674189.png?resize=899%2C64" alt="" width="899" height="64" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/a_674189.png?resize=899%2C64?w=899 899w, https://www.newsbtc.com/wp-content/uploads/2024/02/a_674189.png?resize=899%2C64?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/a_674189.png?resize=899%2C64?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/a_674189.png?resize=899%2C64?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/a_674189.png?resize=899%2C64?w=750 750w" sizes="(max-width: 899px) 100vw, 899px" data-recalc-dims="1"> 
As analysts closely monitor the cryptocurrency market, optimism surrounds Solana, indicating a potential major comeback on the horizon. The positive signals have led experts to suggest the possibility of a significant breach, with expectations pointing towards the coveted $103 threshold. 
Featured image from Pexels, chart from TradingView

Solana Poised For Major Comeback – Analysts Spot Breach Of $103

Table of Contents

NewsBTC

Other articles published on Feb 26, 2024

AltSignals (ASI) outlook amid expert’s “huge” Bitcoin (BTC) prediction

Why Missing Out on Pushd (PUSHD) Could Mean Falling Behind TRON (TRX) and Mask Network (MASK)

Over 400 Pyth Price Feeds Now Live on Hedera for Enhanced DeFi Security

Circle, Producer of Stablecoin USDC, Invested in the Metaverse Sector! Here are the ventures he h...

Dogecoin Surges as Market Trends Reflect 2020’s Dynamic Growth

Bitcoin Critic Jamie Dimon on AI – “This is Not Hype. This is Real”

Join our free newsletter for daily crypto updates!