A momentum indicator not too long ago flipped bullish for Solana (SOL), in keeping with a preferred 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 offered a purchase sign on the asset’s day by day chart.
Merchants use the TD Sequential Indicator to foretell potential development reversals for tokens based mostly 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 practically 6% prior to now 24 hours and practically 10% prior to now seven days.
The analyst does warning, nevertheless, {that a} sustained shut beneath the channel’s decrease boundary at $126 may set off a major 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 presently registering “excessive concern,” citing the Crypto Worry & Greed Index, a instrument that gauges market sentiment on a scale from 0-100.
A studying of maximum concern can point out oversold circumstances, whereas a studying of maximum greed suggests overbought circumstances.
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