According to a popular cryptocurrency analyst, Solana (SOL)’s momentum indicator has recently turned bullish.
Ali Martinez told her 70,400 followers on social media platform X that the Tom DeMark (TD) sequential indicator, the largest Ethereum (ETH) competitor, has sent a buy signal on the asset’s daily chart.
Traders use the TD sequential indicator to predict potential trend reversals in a token based on the closing prices of the previous 13 bars or candles.
Martinez said SOL “could bounce from the lower channel boundary to the middle or upper boundary located at $154 and $187 respectively.”
SOL is trading at $123.22 at the time of writing. The fifth-largest cryptocurrency by market cap is down about 6% in the last 24 hours and about 10% in the last seven days.
However, the analyst warned that a sustained close below the lower channel boundary of $126 could lead to a significant decline in the SOL price, which could push the asset price into the $90-$110 range.
Martinez also noted that digital asset markets are currently experiencing “extreme fear,” citing the Crypto Fear & Greed Index, a tool that measures market sentiment on a scale of 0 to 100.
Extreme fear can indicate a selling overheating situation, while extreme greed can indicate a buying overheating situation.
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