Based on CoinMarketCap, Solana (SOL) has exhibited just modest positive trend, rising 1.37% in the past day. Given Solana’s current bearish trend—which experienced an 8.11% drop over the past week—this increase especially looks great for investors.
Following a notable buy signal, crypto researcher Ali Martinez said SOL’s recent performance might point to a continuous strong trend.
Martinez underlined on Saturday on his X account that Solana had plummeted to a critical support level at $141. This drop set off a buy signal in the TD Sequential indicator, a technical analysis tool meant to forecast market reversals and trends by examining price bar sequences.
Solana Trades at $145
Martinez clarified that SOL’s declining to $141 could indicate a possible reversal of trend. Over the following one to four days Solana could see a price surge if the buy signal persists and the $141 support level stays firm. Solana has increased by more than 3% trading above $145 after reaching this support level.
SOL might reach at least $158 in the next days should this expansion keep on. A notable resistance at the $149 level, however, could provide a problem since, should selling pressure rise, SOL may be pushed into a bearish trend.
Solana is trading at $145.16 right now, a 10.25% drop over the past month shown. Still, SOL is among the top-performing major cryptocurrencies in 2024 with a 43.5% market rise for the year.
Given its past performance, which saw SOL soar from roughly $3.5 to a top of $249.98, SOL is seen as a major asset to keep on eye in the expected crypto bull run. SOL strong meme coin ecosystem, worth $7.46 billion, might also help to drive its price in the next months.
