Solana's price experienced a decline to $173 before recovering above $200. The TD buy signal suggests a potential reversal in the market.
TD Sequential Signal: Potential Reversal
The TD Sequential indicator issued a buy alert on Solana's daily chart, suggesting potential growth in market momentum. Historical data from analyst Ali Martinez connects Solana price turning points with this indicator.
The current signal is significant for price trackers, as previous signals often preceded price rebounds. Market movement remains uncertain due to ongoing bearish pressure.
Solana Technical Analysis and Market Outlook
Solana's price is under the influence of competing bullish and bearish forces, reflecting overall market sentiment. The downward trend indicates general market conditions.
Based on price movement and the TD Sequential buy signal, there's evidence of weakening selling pressure, marked by strong demand at $173. Solana's price rose 6.07% to $206.33 over the past 24 hours, with a market cap reaching $100.47 billion.
Trading volume decrease by 26.26% indicates reduced market momentum. Traders remain neutral to negative about Solana's continued rally, showing skepticism after the recovery.
Solana Short Term Price Action
The 4-hour chart shows Solana prices within a descending channel, indicating potential short-term downward movement. Prices rose from the channel's lower boundary aligned with the TD Sequential buy signal.
Solana's Money Flow Index at 44.62 suggests accumulation potential before significant price increase. An MFI move above 50 could strengthen the bullish outlook.
Technical indicators imply potential short-term Solana price increase despite the current downtrend. For a sustainable trend change, overcoming the key resistance at $220 is crucial.
Technical indicators suggest Solana's potential for short-term price growth. Overcoming resistance around $220 is crucial for achieving new targets at $240-$250.
