Crypto Analyst Sounds Solana Buy Alarm – Can SOL Price Reclaim $110?

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Because the begin of 2024, the Solana (SOL) worth has not fairly been capable of replicate the energy with which it moved final December. Whereas Bitcoin and most altcoins have turned in a optimistic efficiency up to now few weeks, the motion of the SOL token has been largely underwhelming and, at greatest, sideways.

Nonetheless, a well-liked crypto analyst on X has come ahead with a positive prognosis for the value of Solana, ringing a purchase alarm for the cryptocurrency.

Solana Worth To Witness Bullish Momentum?

Distinguished crypto analyst and dealer Ali Martinez took to the X platform to share a bullish projection for the value of Solana over the subsequent few days. This evaluation revolves across the “Tom Demark” (TD) Sequential indicator, which helps to establish potential factors of pattern exhaustion and worth reversal.

The TD Sequential indicator in the end follows two phases, specifically the “setup” and the “countdown” phases. As proven within the chart beneath, Solana’s worth simply accomplished the setup section, which normally entails 9 candles of the identical kind.

Chart displaying SOL worth forming the “setup” section on the every day timeframe | Supply: Ali_charts/X

Usually, completion of this section alerts a possible pattern reversal for the asset. The kind of candles that fashioned the “setup” determines the course of the reversal (I.e., crimson candles would counsel a backside for the asset, whereas inexperienced candles would indicate a high).

Utilizing the “setup,” Martinez revealed in his submit that the TD sequential indicator is flashing a purchase alarm on the Solana every day worth chart. Based on the analyst, this sign suggests a attainable upward swing – consisting of 1 to 4 candlesticks – for the value of SOL.

Can SOL Worth Return Above $110?

Solana’s present worth motion seems to be obeying Martinez’s bullish projection. As of this writing, the value of SOL stands at round $104, reflecting an over 3% climb up to now day.

Though the token’s worth appears to be recovering effectively, the latest achieve has not been enough to erase its loss over the previous week. Based on information from CoinGecko, the SOL token has registered an virtually 4% decline up to now week.

With the latest bullish prognosis, buyers will likely be hoping that the cryptocurrency can reclaim the $110 mark on the very least. Though it has efficiently breached this stage a number of occasions, the Solana token has largely struggled to carry above $110.

However, SOL continues to keep up its place amongst the highest 5 largest belongings within the cryptocurrency sector, with a market capitalization of over $45.65 billion.