Recent technical analysis suggests that Solana (SOL) may be preparing for a potential rebound. Two crypto analysts, Ali and CRYPTOWZRD, shared insights on X, pointing to potential price movements for SOL in the coming days.
Ali mentioned that the TD Sequential indicator had flashed a buy signal on Solana’s daily chart, indicating the possibility of a recovery. Meanwhile, CRYPTOWZRD emphasized the potential for a rally, which could see SOL’s price target of $187.
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Buy Signal from TD Sequential Indicator
On Solana’s daily chart, the TD Sequential indicator—which is recognized for spotting trend depletion and possible reversals—has flashed a buy signal, according to Ali. Traders frequently utilize this technique to predict changes in the market, especially when it’s as unpredictable as the cryptocurrency market right now.
The purchase signal points to a possible higher trend for SOL, which might materialize in the next days. It is uncertain, though, if this will result in a long-term rally, even though the signal points to a short-term recovery.
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Range-Bound Movement and Potential Reversal
CRYPTOWZRD provided a more detailed analysis of Solana’s price action. According to the chart shared, SOL has been trading in a range for several months, with resistance at $187 and support around $122.
The price has been oscillating within this band, and a retest of the lower boundary above $122 suggests the possibility of a reversal.
Additionally, if the support at $122 holds, CRYPTOWZRD predicts a potential rally toward the upper resistance at $187. Moreover, this represents a gain of over 50%.
Besides, a breakout above $187 could signal an upward trend, but the current focus is on whether SOL will bounce from its current levels.
Technical Analysis Suggests Key Resistance
The analysis shared by CRYPTOWZRD highlights the importance of the $187 resistance level. Moreover, a successful breakout from this point could lead to more substantial gains for SOL holders.
Besides, the price is currently testing support, and the next few trading sessions will be critical in determining the token’s trajectory.
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