Solana Hits Major Support At $141 Amid Bitcoin Drop, Analyst Says It’s Time To Buy

Share This Post

Solana’s price action has been declining in the past 30 days, and the crypto recently retreated to $141.3, its lowest price in the timeframe. Interestingly, this decline has seen Solana hit a major support level, which could turn the tide in its price action for the next 30 days. According to a social media post by crypto analyst Ali Martinez, Solana could turn bullish for the next few days if this support holds. 

Solana Hits Major Support

Solana has struggled with attention from traders alongside other altcoins, with a majority of the activity going to Ethereum after the SEC’s approval of Spot Ethereum ETFs. As a result, SOL has drastically declined from $187 in the past three weeks, losing about 24% of its value.

This fall has been further aggravated due to Bitcoin’s corresponding drop in the past few days. As Bitcoin dropped below $65,000, Solana slid to $141, testing support at its 200-day moving average.

As Martinez noted, the journey to the $141 support level seems to have signaled a reversal, at least in the short term. Notably, the TD Sequential indicator has flashed a buy signal for Solana’s SOL on the daily timeframe, suggesting now could be an opportune time to pick up the altcoin as it starts to rebound.

TD Sequential counts the number of candles in a trend, with a 9 indicating 9 periods of lower lows or lower highs. After 9 periods, the odds increase that the trend may reverse.

After two consecutive red candles, SOL now appears to be on the verge of forming a green candle, according to the daily timeframe chart shared by the analyst. 

“If this support holds, #SOL could rebound for one to four daily candlesticks,” Martinez noted.

SOL Price Prediction

At the time of writing, Solana is trading at $145.10 and it looks like it is already on a rebound path. Pulling back to look at a wider timeframe shows that the last time Solana stalled at $141, the crypto would go ahead on a 32% surge to $186. Repeating this price action would see Solana surge back to $186 during the new week. If Bitcoin can also hold key support levels at $66,300, it may help SOL and other altcoins see decent bounces from here. 

However, not all TD indicator signals result in sustained uptrends. If Solana fails to hold above $140, this could cascade into a further price decline to another support at $130. According to Coinglass Longs vs. Shorts data, traders are still indecisive on Solana’s direction. Specifically, 49.05% of Solana futures positions opened in the past 24 hours were long, compared to 50.95% short positions.

Featured image from Getty Images, chart from TradingView

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Nigeria Acts to Defend Naira After Currency Hits New Record Low

The Central Bank of Nigeria recently sold US dollars to Bureaux de Change (BDC) at a flat rate of NGN1,450 per greenback The central bank stated that eligible BDCs can sell the dollars to end-users

Bitcoin Vs. Ethereum: Why This Analyst Believes BTC Will Outperform ETH

Crypto analyst Crypto Kaleo has explained why he believes Bitcoin will continue outperforming Ethereum in the short term He made this assertion based on his belief that the Spot Ethereum ETFs will

Messari CEO Selkis Resigns After Controversial Political Posts

Ryan Selkis, founder of Messari, has stepped down as CEO, following controversial social media posts He will transition to Senior Advisor, while Eric Turner takes over as interim CEO “This week

Is $200 Within Reach For Solana Price? Here’s Why This Blockchain Firm Thinks So

Like the general crypto market, the price of Solana (SOL) witnessed significant growth over the past week According to the latest on-chain data, this might only be the beginning for SOL’s price,

US Senator Highlights Bitcoin as Currency Unaffected by Widespread Cyber Outages

US Senator Cynthia Lummis has emphasized bitcoin’s resilience as a form of currency unaffected by widespread cyber outages Her remarks followed major system failures linked to Crowdstrike,

Microsoft Outage Draws Criticism From Crypto Community, Is Shiba Inu The Answer?

The team behind Shiba Inu recently took a swipe at Microsoft, one of the largest companies in the world Microsoft just had the largest IT outage in history on Friday, July 19 Businesses around the