Solana’s
price
action

has
been
declining

in
the
past
30
days,
and
the
crypto
recently
retreated
to
$141.3,
its
lowest
price
in
the
timeframe.
Interestingly,
this
decline
has
seen
Solana
hit
a
major
support
level,
which
could

turn
the
tide

in
its
price
action
for
the
next
30
days.
According
to
a
social
media
post
by
crypto
analyst
Ali
Martinez,
Solana
could
turn
bullish
for
the
next
few
days
if
this
support
holds. 

 

Solana
Hits
Major
Support

Solana
has
struggled
with
attention
from
traders
alongside
other
altcoins,
with
a
majority
of
the
activity

going
to
Ethereum

after
the
SEC’s
approval
of

Spot
Ethereum
ETFs.
As
a
result,
SOL
has
drastically
declined
from
$187
in
the
past
three
weeks,
losing
about
24%
of
its
value.

This
fall
has
been
further
aggravated
due
to

Bitcoin’s
corresponding
drop

in
the
past
few
days.
As
Bitcoin
dropped
below
$65,000,
Solana
slid
to
$141,
testing
support
at
its
200-day
moving
average.

As
Martinez
noted,
the
journey
to
the
$141
support
level
seems
to
have
signaled
a
reversal,
at
least
in
the
short
term.
Notably,
the
TD
Sequential
indicator
has
flashed
a
buy
signal
for
Solana’s
SOL
on
the
daily
timeframe,
suggesting
now
could
be
an
opportune
time
to
pick
up
the
altcoin
as
it
starts
to
rebound.

TD
Sequential
counts
the
number
of
candles
in
a
trend,
with
a
9
indicating
9
periods
of
lower
lows
or
lower
highs.
After
9
periods,
the
odds
increase
that
the
trend
may
reverse.

 

#Solana
has
hit
a
key
support
level
at
$141,
with
the
TD
Sequential
showing
a
buy
signal
on
the

$SOL
daily
chart!
If
this
support
holds,

#SOL
could
rebound
for
one
to
four
daily
candlesticks.

pic.twitter.com/AjQX8CGf1d

—
Ali
(@ali_charts)

June
15,
2024

After
two
consecutive
red
candles,
SOL
now
appears
to
be
on
the
verge
of
forming
a
green
candle,
according
to
the
daily
timeframe
chart
shared
by
the
analyst. 

“If
this
support
holds,
#SOL
could
rebound
for
one
to
four
daily
candlesticks,”
Martinez
noted.

SOL
Price
Prediction

At
the
time
of
writing,
Solana
is
trading
at
$145.10
and
it
looks
like
it
is
already
on
a
rebound
path.
Pulling
back
to
look
at
a
wider
timeframe
shows
that
the
last
time
Solana
stalled
at
$141,
the
crypto
would
go
ahead
on
a
32%
surge
to
$186.
Repeating
this
price
action
would
see
Solana

surge
back
to
$186

during
the
new
week.

If
Bitcoin
can
also
hold
key
support
levels
at
$66,300,
it
may
help
SOL
and
other
altcoins
see
decent
bounces
from
here. 

However,
not
all
TD
indicator
signals
result
in
sustained
uptrends.
If
Solana
fails
to
hold
above
$140,
this
could
cascade
into
a
further
price
decline
to
another
support
at
$130.
According
to

 

Coinglass

Longs
vs.
Shorts
data,
traders
are
still
indecisive
on
Solana’s
direction.
Specifically,
49.05%
of
Solana
futures
positions
opened
in
the
past
24
hours
were
long,
compared
to
50.95%
short
positions.

Featured
image
from
Getty
Images,
chart
from
TradingView

Go to Source
Author: Scott Matherson

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