Momentum Indicator Turns Bullish for Ethereum Rival Solana, According to Crypto Analyst – Here Are His Targets

In accordance with a preferred crypto analyst, a momentum indicator not too long ago turned bullish for Solana (SOL).

Ali Martinez tells His 70,400 followers on the social media platform

Merchants use the TD Sequential Indicator to foretell potential development reversals for tokens based mostly on the closing costs of their 13 earlier bars or candles.

Martinez says SOL “may return from the decrease restrict of the channel to the mid or higher restrict, positioned at $154 and $187 respectively.”

SOL is buying and selling at $123.22 on the time of writing. The fifth-ranked crypto asset by market capitalization is down nearly 6% up to now 24 hours and nearly 10% up to now seven days.

Nevertheless, the analyst warns {that a} sustained shut under the channel decrease restrict at $126 may set off a major worth correction for SOL, sending the asset all the way down to the $90-$110 zone.

Martinez too notes that the digital asset market is at the moment registering “excessive worry,” citing the Crypto Worry & Greed Index, a instrument that measures market sentiment on a scale of 0-100.

A studying of utmost worry could point out oversold situations, whereas a studying of utmost greed signifies overbought situations.

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Generated picture: Midjourney