Solana Price Action has been decreasing in the last 30 days, and the cryptocurrency recently retreated to $141.3, its lowest price in the time period. Interestingly, this drop has caused Solana to reach an important support level, which could change the tide in its price action over the next 30 days. According to a social media post by crypto analyst Ali Martínez, Solana could turn bullish over the next few days if this support holds.
Solana achieves important support
Solana has struggled to attract the attention of traders along with other altcoins, with most of the activity ethereum/ethereum-hodlers-scoop-298000-eth-in-24-spot-etf-trading/” target=”_blank” rel=”noopener nofollow”>going to ethereal after SEC approval of ethereum/spot-ethereum-etfs-10000/” target=”_blank” rel=”noopener nofollow”>ethereum Spot ETF. As a result, SOL has declined sharply from $187 over the past three weeks, losing around 24% of its value.
This decline has been further aggravated due to The corresponding fall of bitcoin in the last days. As bitcoin fell below $65,000, Solana fell to $141, testing support at its 200-day moving average.
As Martínez noted, the trip towards the $141 support level appears to have signaled a reversal, at least in the short term. Notably, the TD Sequential indicator has shown a buy signal for Solana's SOL on the daily time frame, suggesting that now could be an opportune time to pick up the altcoin as it begins to recover.
TD Sequential counts the number of candles in a trend, with a 9 indicating 9 periods of lower lows or highs. After 9 periods, the chances of the trend reversing increase.
<blockquote class="twitter-tweet”>
twitter.com/hashtag/Solana?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>#solarium has reached a key support level at $141, with the TD Sequential showing a buy signal at the twitter.com/search?q=%24SOL&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>$SOL daily chart! If this support is maintained, twitter.com/hashtag/SOL?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>#SUN could recover during one to four candles daily. pic.twitter.com/AjQX8CGf1d
—Ali (@ali_charts) twitter.com/ali_charts/status/1801948016133173432?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>June 15, 2024
After two consecutive red candles, SOL now appears to be about to form a green candle, according to the daily time chart shared by the analyst.
“If this support holds, #SOL could rally for one to four daily candles,” Martínez noted.
SOL Price Prediction
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 stalled at $141, the cryptocurrency would follow through with a 32% rise to $186. Repeating this price action would cause Solana rise again 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 bullish trends. If Solana fails to hold above $140, this could lead to a further drop in price to another support of $130. According glass coin Long vs. short data, traders are still undecided on Solana's direction. Specifically, 49.05% of Solana futures positions opened in the last 24 hours were long, compared to 50.95% of short positions.
Featured image from Getty Images, chart from TradingView
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