Solana price action It has been in decline In the past 30 days, the cryptocurrency recently fell to $141.3, its lowest price in the time frame. Interestingly, this decline has brought Solana to a key support level, which may be possible Change course In price movement over the next 30 days. According to a social media post by cryptocurrency analyst Ali Martinez, Solana could turn bullish over the next few days if this support holds.
Solana has great support
Solana has had difficulties attracting traders' attention alongside other altcoins, with a majority of the activity Go to Ethereum After approval by the Securities and Exchange Commission Ethereum ETFs. As a result, SOL's value has fallen dramatically from $187 in the past three weeks, losing about 24% of its value.
This fall has been exacerbated by The corresponding decline of Bitcoin In the past few days. As Bitcoin fell below $65,000, Solana price fell to $141, testing support at its 200-day moving average.
As Martinez noted, the trip to the $141 support level appears to have signaled a reversal, at least in the short term. Notably, the TD Sequential indicator has given a buy signal for Solana's SOL on the daily time frame, suggesting that now may be a good time to pick up the altcoin as it begins to bounce.
TD Sequential counts the number of candles in a trend, where the number 9 indicates 9 periods of lower lows or higher highs. After 9 periods, the odds increase that the trend may reverse.
#Solana It hit a key support level at $141, with TD Sequential showing a buy signal on $ sol Daily chart! If this support continues #Sol It can rebound for one to four daily candlesticks. pic.twitter.com/AjQX8CGf1d
– Ali (@ali_charts) June 15, 2024
After two consecutive red candles, SOL now appears to be on the verge of forming a green candle, according to the daily chart shared by the analyst.
“If this support continues, #SOL could rebound to one to four daily candles,” Martinez noted.
SOL price forecast
At the time of writing, Solana is trading at $145.10 and appears to be already on a rebound path. Stepping back to look at a broader time frame shows that the last time Solana stopped at $141, the cryptocurrency would go on to rise 32% to $186. Repeating this price action will result in a Solana view It rose again to $186 During the new week. If Bitcoin can also hold key support levels at $66,300, it could help SOL and other altcoins see good bounces from here.
However, not all TD indicator signals lead to sustained uptrends. If Solana fails to hold above $140, it could lead to a further decline in the price to another support at $130. according to Quinglass According to the data of long versus short trades, traders are still indecisive about Solana's direction. Specifically, 49.05% of Solana futures positions open in the last 24 hours were long, compared to 50.95% of short positions.
Featured image from Getty Images, chart from TradingView