A momentum indicator not too long ago flipped bullish for Solana (SOL), based on a well-liked crypto analyst.
Ali Martinez tells his 70,400 followers on the social media platform X that the highest Ethereum (ETH) rival’s Tom DeMark (TD) Sequential Indicator introduced a purchase sign on the asset’s each day chart.
Merchants use the TD Sequential Indicator to foretell potential pattern reversals for tokens primarily based on the closing costs of their 13 earlier bars or candles.
Martinez says SOL “may rebound from the channel’s decrease boundary towards the center or higher boundaries, positioned at $154 and $187 respectively.”
SOL is buying and selling at $123.22 at time of writing. The Fifth-ranked crypto asset by market cap is down almost 6% up to now 24 hours and almost 10% up to now seven days.
The analyst does warning, nonetheless, {that a} sustained shut under the channel’s decrease boundary at $126 may set off a big worth correction for SOL, pushing the asset all the way down to the $90-$110 vary.
Martinez additionally notes that the digital asset market is at present registering “excessive worry,” citing the Crypto Concern & Greed Index, a software that gauges market sentiment on a scale from 0-100.
A studying of maximum worry can point out oversold circumstances, whereas a studying of maximum greed suggests overbought circumstances.
Do not Miss a Beat – Subscribe to get e mail alerts delivered on to your inbox
Examine Value Motion
Observe us on X, Fb and Telegram
Surf The Each day Hodl Combine
 
Disclaimer: Opinions expressed at The Each day Hodl should not funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your individual threat, and any losses it’s possible you’ll incur are your accountability. The Each day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Each day Hodl an funding advisor. Please notice that The Each day Hodl participates in affiliate internet marketing.
Generated Picture: Midjourney
