Solana

The world’s fifth-biggest cryptocurrency, <a href="https://news.todayq.com/crypto-whale-made-37-8-mln-profit-as-sol-surge-to-169/">Solana (SOL)</a>, with a market capitalization of $76 billion, has gathered massive attention from crypto enthusiasts following its price surge of over 15% in the last 24 hours and currently trading above $170 for the first time since January 2022. Amidst this, a prominent trader and crypto analyst made a post on X (previously Twitter), highlighting that a technical indicator named TD Sequential indicates a sell signal on Solana’s daily chart. Will Solana’s price to fall? 
According to the post on X, the analyst also cites that since December 2023, whenever this technical indicator indicated a sell signal, each time Solana’s SOL experienced a price drop of 17% to 28%. Additionally, if we look at the historical data, a similar outlook was observed when SOL was at the $127 level and $152 level. 
The TD Sequential presents a sell signal on the 
However, if we look at the chart of Solana on a daily time frame, it is looking bullish because of the following reasons.&nbsp; 
The first is this price surge in Solana’s SOL experienced just after the breakout over the major resistance level near $140. However, the breakout of level $140 happened just after price consolidation, which is a sign of bullishness. Additionally, following the breakout, Solana’s SOL once again went into consolidation between $140 and $150 levels another bullish sign, and following the breakout of this consolidation, Solana’s SOL experienced a price surge of over 13%. Source: TradingView 
Another reason why Solana’s SOL is bullish is that the $140 level was the last resistance level, and on the weekly time frame, SOL already gave a breakout and closed above the $140, and now there is no other hurdle till the $200 level.&nbsp; 
However, the analyst’s speculation might be right for the short term, but in the longer period, Solana’s SOL is bullish. One thing investors, as well as traders, should understand is that indicators’ signals without technical analysis are useless. Indicators are only used to back the technical analysis; otherwise, it is useless.

Solana to face 17% to 28% price correction, analyst warns

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Artikel lain yang dipublikasikan pada 14 Mar 2024

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