Solana (SOL) has gained new recognition from investors after a number of technical indicators indicated a potential short-term shift in the rally.
According to data spotlighted by on-chain analyst Ali Martinez, the TD Sequential indicator has shown a buy signal on the 4-hour chart. At the same time, a bullish divergence has formed on the Relative Strength Index (RSI).
These signals have emerged as SOL trades near a key support zone, highlighting whether current levels can hold.
According to CoinMarketCap, at the time of writing, the coin is trading at $91.81 with a 8.24% decrease in rate. The market cap of the token has exceeded $51.83 billion, and the volume of the coin is around $7.15 billion.
Also Read: Solana Could Reach $2,000 by 2030 Despite Recent Drop to $100
TD Sequential Signals Potential Reversal for Solana
The TD Sequential indicator is usually used to understand trend exhaustion and possible reversals. On SOL’s 4-hour timeframe, the indicator has supposedly accomplished a setup that conventionally indicates a pause or reversal in selling pressure.
This growth follows a period of decreased price action, during which SOL declined toward the mid-$90 range. The emergence of a buy signal can mean that the bearish rally may be weakening in the near term, though confirmation typically depends on follow-through price movement.
Market Context and Outlook
According to the data provided by TradingView, SOL’s price chart reveals a downward momentum. It could climb toward the resistance (yellow) at around $97.72. If bullish pressure occurs, it can send the price up to test the $100 range.
If a reversal occurs, the bears might further push down the asset’s price to the support at $88.15. In case the downside correction gains more traction, the death cross could form, and likely drive the asset’s price to a low of $85 or even lower.
The moving average convergence divergence indicator (MACD) indicates the coin is experiencing a bearish rally as the signal line (orange) is above the MACD line (blue). The Relative Strength Index (RSI) is currently at 21.48, indicating Solana is going through an overselling phase.
According to the data given by CoinCodex, the 200-day simple moving average in the long run is projected to reach $ 163.73. The 50-day simple moving average (SMA) in the short term is projected to reach $ 128.42. All these figures reflect a slow but certain movement towards the higher ground.
Also Read: Solana Sparks Hope as $100 Support Holds: A Potential 150% Rally on the Horizon?
