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Renowned crypto trader Ali has raised concerns about the potential for a price correction in Solana ($SOL), shedding light on technical indicators that suggest caution for investors.
Ali’s tweet highlights the TD Sequential, a technical indicator that recently signaled a sell on Solana’s weekly chart. This warning, combined with the Relative Strength Index (RSI) entering overbought territory, adds to the apprehension surrounding SOL’s current price levels.
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Price Correction Risk
The trader suggests a looming risk of a price correction, emphasizing that a spike in profit-taking could prompt a retracement to $47.6. Investors are advised to closely monitor these indicators, as they may signal a shift in Solana’s recent bullish momentum.
According to Ali, Solana needs to secure a weekly candlestick close above $68.4 to counter the bearish outlook. Achieving this could pave the way for a bullish trajectory targeting $108. Until then, the cautionary stance remains in place.
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Investors and market participants are urged to exercise vigilance in light of these technical signals, as they could influence the short-term price dynamics of Solana. The cryptocurrency market’s inherent volatility adds an additional layer of complexity, requiring a strategic approach to navigate potential market shifts.
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