Strong Buy Signal for Solana (SOL), Here’s What Expert Says

On this bearish market sentiment, most cryptocurrencies have skilled notable worth declines. Amid this, a crypto professional hints that Solana (SOL) is giving a purchase sign. On September 6, 2024, a outstanding crypto professional shared a publish on X (previously Twitter) {that a} technical indicator known as TD sequential has offered a purchase sign for SOL on the day by day time-frame.

Skilled Value Prediction for Solana (SOL)

The professional additionally famous that Solana (SOL) has been consolidating in a parallel channel sample since April 2024, and the value is at present at a decrease restrict. Primarily based on the historic worth momentum, there’s a good likelihood that the value of SOL might rise to $154 and $187 within the coming days.

Technical evaluation of Solana

In accordance with professional technical evaluation, SOL is in a downtrend as it’s buying and selling under the 200 Exponential Shifting Common (EMA) on the day by day time-frame. Furthermore, the value has been consolidating inside a slim vary between $126 and $135 over the previous week.

Along with this worth consolidation, the technical indicator Relative Energy Index (RSI) has shaped a bullish divergence on the day by day time-frame, indicating a powerful pattern reversal from downtrend to uptrend.

In current days, SOL worth has shaped decrease lows whereas the RSI has shaped greater lows, resulting in a bullish divergence. Merchants and buyers typically see this as a possible shopping for alternative.

Bullish outlook on the chain statistics

Along with this technical evaluation, CoinGlass’s SOL OI-weighted funding charge additionally helps the bullish outlook. In accordance with the information, the financing rate at present stands at +0.0049, indicating bullish sentiment.

Proper now, the important thing liquidation ranges are round $128 on the decrease facet and $131.5 on the upper facet, as merchants at these ranges are over-indebted, in response to Coinglass information.

On the time of writing, SOL is buying and selling round $129.5 and has skilled a worth drop of over 3.5% within the final 24 hours. In the meantime, buying and selling quantity has elevated by 16% over the identical interval, indicating larger participation from buyers and merchants amid the value drop.