Solana (SOL), which is among the shining stars of 2023, has experienced tremendous rises since last October and continues to do so.
These days, when we hear rising news about Solana every day, like Bitcoin, SOL once again became the focus of attention in the crypto space, with its price increasing by approximately 15% and exceeding $ 170.
While Solana's impressive rally underlines the growing investor interest, veteran analyst Ali Martinez warned that there could be a big drop in SOL price.
Drawing attention to Solana's TD Sequential indicator, which has historically always given a sell signal when it reaches certain levels since December 2023, the analyst said:
“TD Sequential Solana is giving a sell signal on the daily chart!
Since December 2023, the SOL price has fallen 17% to 28% every time this indicator points to selling.
At this point, there is a sell signal for SOL again, and in a similar situation, we can see that SOL can drop to $152 or even $127.”
SOL continues to trade at $172 at the time of writing.
The TD Sequential presents a sell signal on the #Solana daily chart!
Since December 2023, every time this indicator suggested selling, the price of $SOL dropped by 17% to 28%. A similar outlook could see #SOL retrace to $152 or even $127. pic.twitter.com/3JbXdabK3v
— Ali (@ali_charts) March 14, 2024
*This is not investment advice.
