Solana Price Action decreased over the past 30 days, and the crypto recently retreated to $141.3, its lowest price over this period. Interestingly, this drop allowed Solana to reach a major support level, which could reverse in its price action for the next 30 days. According to a social media post from crypto analyst Ali Martinez, Solana could turn bullish over the next few days if this support holds.
Solana hits major support
Solana has struggled to gain attention from traders alongside other altcoins, with the majority of activity go to Ethereum after the SEC’s approval of Spot ETF Ethereum. As a result, SOL has declined significantly from $187 over the past three weeks, losing around 24% of its value.
This fall was further aggravated due to The Corresponding Fall of Bitcoin the last days. As Bitcoin fell below $65,000, Solana slipped to $141, testing support at its 200-day moving average.
As Martinez noted, the move towards the $141 support level appears to have signaled a reversal, at least in the short term. Notably, the TD Sequential Indicator issued a buy signal for Solana SOL on the daily time frame, suggesting that now could be an opportune time to pick up the altcoin as it begins 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 chances increase that the trend will reverse.
#Solana reached a key support level at $141, with the TD Sequential showing a buy signal on the $ SOL daily chart! If this support holds, #GROUND could bounce for one to four daily candlesticks. pic.twitter.com/AjQX8CGf1d
– Ali (@ali_charts) June 15, 2024
After two consecutive red candles, SOL now appears poised to form a green candle, according to the daily time chart shared by the analyst.
“If this support holds, #SOL could rebound by one to four daily candlesticks,” Martinez noted.
SOL Price Prediction
At the time of writing, Solana is trading at $145.10 and it appears that it is already on a rebound trajectory. Looking back over a broader time frame, it shows that the last time Solana stopped at $141, the crypto would have gained 32% to reach $186. Repeating this price action would see Solana go back to $186 during the new week. If Bitcoin can also hold key support levels at $66,300, it could help SOL and other altcoins see decent rebounds from here.
However, not all signals from TD indicators result in lasting uptrends. If Solana fails to sustain above $140, it could lead to a further price decline to another support at $130. According to Change machine Data Longs vs. Shorts, traders are still undecided on the direction of Solana. Specifically, 49.05% of Solana futures positions opened in the last 24 hours were long, compared to 50.95% of short positions.
Featured image from Getty Images, chart from TradingView
