A momentum sign just recently turned bullish for Solana (SOL), according to a popular crypto expert.
Ali Martinez informs his 70,400 fans on the social networks platform X that the leading Ethereum (ETH) competitor’s Tom DeMark (TD) Sequential Indicator provided a buy signal on the property’s day-to-day chart.
Source: Ali Martinez/X
Traders utilize the TD Sequential Indicator to forecast possible pattern turnarounds for tokens based upon the closing rates of their 13 previous bars or candle lights.
Martinez states SOL “might rebound from the channel’s lower limit towards the middle or upper limits, placed at $154 and $187 respectively.”
SOL is trading at $123.22 sometimes of composing. The 5th-ranked crypto possession by market cap is down almost 6% in the previous 24 hours and almost 10% in the previous 7 days.
The expert does care, nevertheless, that a continual close listed below the channel’s lower limit at $126 might set off a substantial rate correction for SOL, pressing the possession to the $90-$110 variety.
Martinez likewise keeps in mind that the digital property market is presently signing up “severe worry,” mentioning the Crypto Fear & & Greed Index, a tool that assesses market belief on a scale from 0-100.
A reading of severe worry can show oversold conditions, while a reading of severe greed recommends overbought conditions.
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