Bitrabo Editorial
The recent downtrend in Solana’s price has led it to hit a critical support level of $141.3, its lowest point in the last 30 days. This development could potentially shift the momentum in favor of Solana in the coming weeks as noted by crypto analyst Ali Martinez.
Solana Faces Significant Support
Despite facing challenges in attracting traders compared to other altcoins like Ethereum, Solana has experienced a notable decline, dropping by 24% from $187 in the past three weeks. The downward trend has been exacerbated by Bitcoin’s recent price drop, causing Solana to test support at its 200-day moving average near $141.
Signs of a reversal emerged as indicated by the TD Sequential buy signal on Solana’s daily chart, suggesting a potential opportunity to invest in the altcoin as it shows signs of recovery.
The TD Sequential indicator monitors trend movements, with a reading of 9 signaling a possible trend reversal after a series of lower lows or highs.
Following two consecutive red candles, an upcoming green candle is anticipated according to Martinez’s analysis on the daily timeframe chart.
Solana Price Forecast
Currently priced at $145.10, Solana appears to be on a path towards recovery. Historically, a bounce from $141 has led to a 32% surge to $186, suggesting a potential upward movement for Solana in the near future. Favorable support levels at $66,300 for Bitcoin could additionally support Solana and other altcoins in experiencing positive price movements.
However, failure to maintain support above $140 could result in a further decline towards the next support level at $130. Market sentiment remains divided according to data from Coinglass, with a nearly equal distribution between long and short positions for Solana futures.
Image Source: Getty Images, Chart Source: TradingView