A momentum indicator lately flipped bullish for Solana (SOL), in accordance 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 introduced a purchase sign on the asset’s day by day chart.
Merchants use the TD Sequential Indicator to foretell potential development reversals for tokens primarily based on the closing costs of their 13 earlier bars or candles.
Martinez says SOL “might 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% up to now 24 hours and practically 10% up to now seven days.
The analyst does warning, nevertheless, {that a} sustained shut under the channel’s decrease boundary at $126 might set off a major worth correction for SOL, pushing the asset right down to the $90-$110 vary.
Martinez additionally notes that the digital asset market is at present registering “excessive worry,” citing the Crypto Worry & 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
Verify Worth Motion
Comply with us on X, Fb and Telegram
Surf The Every day Hodl Combine
 
Disclaimer: Opinions expressed at The Every day Hodl aren’t funding recommendation. Traders 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 you might incur are your accountability. The Every day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Every day Hodl an funding advisor. Please be aware that The Every day Hodl participates in affiliate internet marketing.
Generated Picture: Midjourney