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Solana (SOL) slipped below the $100 mark in the past 24 hours, experiencing a brief dip before a rebound to $102 at the time of writing, according to CoinMarketCap.
The cryptocurrency, ranking as the fifth-largest asset, observed a 10% decline from last week’s peak of $113, influenced by prevailing negative market sentiment, as reported by Santiment data. Despite these temporary setbacks, such pullbacks create favorable opportunities for accumulating assets with promising long-term potential.
In terms of SOL’s technical indicators, prominent analyst Ali Martinez identified a buy signal while examining the TD Sequential Indicator, indicating the possibility of a sustained upswing. While insights from seasoned analysts carry weight in investment decisions, it is crucial to conduct your research (DYOR) before making further considerations.
AZC News delved into additional critical technical indicators to provide insights into the aforementioned bullish prediction. The Relative Strength Index (RSI) has fallen below the critical 50 level, with the 40-50 zone traditionally serving as support in bullish markets. A potential rebound from this zone would reinforce the bullish sentiment, while a drop below 40 would indicate bearish dominance.
Related: Analyst Predicts Solana (SOL) to Surge to $333 USD
The Moving Average Convergence Divergence (MACD) currently resides below the signal line, signaling a retracement within an uptrend. A bullish crossover has the potential to set the stage for an extended rally.
Furthermore, SOL’s price is nearing the lower band of the Bollinger Band (BB) indicator. A rebound from this lower band could propel SOL back into an uptrend. Overall, these indicators align with Ali Martinez’s assertions.
Despite a recent correction prompting a shift in sentiment among whale investors, evidenced by a drop in the total number of long positions on Binance from 69% to 66% in the last four days, historical patterns suggest a potential shift in attitude as SOL initiates an upward trajectory. Remarkably, the market remains “greedy” at present, suggesting that investors are actively seeking opportunities to acquire SOL coins.
