Momentum Indicator Flips Bullish for Ethereum Rival Solana, According to Crypto Analyst – Here Are His Targets
A momentum indicator lately flipped bullish for Solana (SOL), in accordance to a preferred crypto analyst.
Ali Martinez tells his 70,400 followers on the social media platform X that the highest Ethereum (ETH) rival’s Tom DeMark (TD) Sequential Indicator introduced a purchase sign on the asset’s every day chart.
Merchants use the TD Sequential Indicator to predict potential development reversals for tokens primarily based on the closing costs of their 13 earlier bars or candles.
Martinez says SOL “could rebound from the channel’s lower boundary toward the middle or upper boundaries, positioned at $154 and $187 respectively.”
SOL is buying and selling at $123.22 at time of writing. The Fifth-ranked crypto asset by market cap is down practically 6% up to now 24 hours and practically 10% up to now seven days.
The analyst does warning, nevertheless, {that a} sustained shut under the channel’s decrease boundary at $126 might set off a big value correction for SOL, pushing the asset down to the $90-$110 vary.
Martinez additionally notes that the digital asset market is at present registering “extreme fear,” citing the Crypto Concern & Greed Index, a instrument that gauges market sentiment on a scale from 0-100.
A studying of maximum worry can point out oversold circumstances, whereas a studying of maximum greed suggests overbought circumstances.
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