Crypto analyst Ali Martinez has revealed a new buy signal for Solana (SOL) that could reap bullish momentum for the coin. This is crucial for SOL, which along with the rest of the crypto market, has suffered in a bearish period. SOL has dropped significantly in price since the start of August, with trading volume even slowing down. However, the latest post from Martinez signaling a buying trigger may spark SOL to rebound.
The crypto trader revealed that the TD Sequential indicator of SOL has shown a key buy signal on the daily chart. According to Martinez, this means that a potential price rebound is on the way, much to the delight of SOL holders. The asset is down 10% over the past week to $130.69 at press time. Trading volume in the last 24 hours has also tanked by 30%.
For context, the TD Sequential indicator is an analysis tool used to analyze market movements and identify the time of trend exhaustion. It also tracks potential potential price reversals. Combined with the candlestick analysis on the price chart, this tool can predict market movements. Using the TD indicator. Martinez predicts that the rebound will happen for one to four daily candlesticks on the SOL price chart.
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While this is only a short-term gain prediction, it could paint long-term optimism for Solana’s SOL token. Another crypto analyst suggested that if SOL could hold a floor of $128, it could rebound gradually over the coming month. Currently, the asset is indeed above that level. With the TD Sequential indicator revealing a rebound as well, SOL could be destined to reclaim $140 and beyond soon.
SOL remains one of the best-performing cryptocurrencies on the market despite its slump. Bitcoin, Ethereum, and other top assets are also seeing red. Therefore, with its current price perseverence, a boom in ETH or BTC could catalyze the rebound for Solana further.