The Solana (SOL) coin is currently in the spotlight as its price movement appears to be in the process of reversing, according to a revelation disclosed today by market analyst Ali Martinez. Solana, a cryptocurrency known to support scalable decentralized applications through its high-performance blockchain network, appears to be approaching a potential rebound as technical analysis shows that recent selling pressure is declining, as per market observation from the analyst.

As identified by the analyst, the TD Sequential indicator is flashing a buy signal on the Solana market, signalling that the asset is entering a critical moment associated with a bullish reversal. The TD Sequential indicator is a technical analysis tool that helps traders to identify the exact time of trend exhaustion and looming price reversal.

TD Sequential flashes a buy signal on Solana $SOL, suggesting a rebound. pic.twitter.com/NVwoeMgEXu

Today, the analyst identified that Solana could be on the brink of experiencing a significant price surge. According to a technical analysis shared today by Martinez, the TD sequential indicator signals a buy opportunity on SOL’s weekly timeframe, right after the asset spent time in a significant downtrend that started from March 5, when the asset was trading at $139.05.

Based on the data, SOL continued its downward trend, which saw it fall to a low of $82.61 on March 23, on Monday this week. Since then, the asset has been experiencing sideways movements over recent days. Today, Solana trades at $83.40 after witnessing a 4.9% decrease and another 6.2% down noted over the past week, showing its sideways movement, with the buy signal emerging at $85.96, according to data from the analyst.

Technical analysis from the TradingView platform shows that the first buy signal appeared around $85.96 this week on Wednesday, 25 March, amidst the ongoing sideways movements, and followed by another buy signal noticed today around $83.05, near the current price range. The two repeated signals point out that Solana’s downtrend could be coming to an end, paving the way for an imminent breakout in price soon.

Solana is maintaining a crucial support level at $81.36, showing early signs of a price rebound as aggressive token holders begin to reposition themselves in the market. On-chain data shows buying pressure is rising in the market, a catalyst that recently neutralized the downward momentum, turning it into a sideways movement.

Aggressive buyers, especially whales and institutions, appear to be participating in token accumulations, though the activity is still not enough to outweigh the prevailing selling pressure. Data shared by Martinez on Monday this week indicated that institutions had been withdrawing SOL tokens from centralized exchanges over the past 96 hours; an indicator of significant exchange outflows as strategic investors channeling tokens to self-custody, showing no intention to sell any time soon.

The silent token accumulation underneath the Solana market suggests that SOL is preparing to recover its price, possibly setting the ground to break above $100, the crucial psychological mark, in the coming days. 

Bitcoin price in Telegram @btc_price_every_hour

190 +