Warning from the Analyst for the Altcoin that is the Rally King: It is Facing the Possibility of Correction!

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The fifth largest cryptocurrency in the world solana (SOL) attracted the attention of investors with a price increase of over 15% in the last 24 hours, with its market value exceeding $ 76 billion. Following this increase, SOL, which attracted great attention from crypto enthusiasts, is trading above $170 for the first time since January 2022.

Amid these major developments, a prominent trader and crypto analyst highlighted in a post on X that a technical indicator called TD Sequential on Solana’s daily chart has issued a sell signal.

Will Solana’s Price Drop?

According to the post on states. Moreover, according to historical data, a similar pattern was observed when SOL was at $127 and $152 levels.

When we look at the chart of Solana on the daily time frame, we can note that the rise appears due to the following reasons:

Firstly, this price increase in SOL occurred right after it broke the main resistance level near $140. This happened after price consolidation, which is a sign of bullishness. Moreover, after a break of this resistance level, Solana’s SOL once again consolidated between $140 and $150. Following the breakout of this consolidation, Solana’s SOL experienced a price increase of over 13%.

solana price analysis

Another reason why SOL is bullish is that the $140 level is the last resistance level. The fact that in the weekly time frame, SOL had already experienced a breakout and closed above the $140 level, and now there is no further obstacle until the $200 level, was also effective.

The analyst’s speculation may be correct in the short term. However, it can be thought that SOL is on the rise in the longer term. It should be noted that without technical analysis, the signals of the indicators will not be sufficient. Indicators are often used to support technical analysis; Otherwise, they cannot offer much meaning on their own.


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