Solana at Risk of Price Correction, Analyst Warns of Specific Action That Could Drive SOL to $47.6

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.

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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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency