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

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 constructive efficiency prior to now few weeks, the motion of the SOL token has been largely underwhelming and, at greatest, sideways.

Nevertheless, a preferred crypto analyst on X has come ahead with a good prognosis for the worth 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 worth of Solana over the following few days. This evaluation revolves across the “Tom Demark” (TD) Sequential indicator, which helps to determine potential factors of development exhaustion and worth reversal.

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

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

Sometimes, completion of this section alerts a possible development reversal for the asset. The kind of candles that shaped the “setup” determines the path of the reversal (I.e., crimson candles would recommend a backside for the asset, whereas inexperienced candles would suggest a prime).

Utilizing the “setup,” Martinez revealed in his publish that the TD sequential indicator is flashing a purchase alarm on the Solana each day worth chart. Based on the analyst, this sign suggests a doable upward swing – consisting of 1 to 4 candlesticks – for the worth 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 worth of SOL stands at round $104, reflecting an over 3% climb prior to now day.

Regardless that the token’s worth appears to be recovering nicely, the current acquire has not been ample to erase its loss over the previous week. Based on knowledge from CoinGecko, the SOL token has registered an nearly 4% decline prior to now week.

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

Nonetheless, 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.