Since the beginning of 2024, Solana (SOL) has been underperforming compared to Bitcoin and other altcoins. However, crypto analyst Ali Martinez has a bullish outlook for SOL, suggesting a potential upward swing in the coming days.
TD Sequential Indicator Points to a Buy Signal
Martinez uses the Tom Demark (TD) Sequential indicator to identify potential trend reversals. According to the indicator, Solana’s price has just completed the “setup” phase, which typically consists of nine candles of the same type. This phase signals a potential trend reversal.
In Martinez’s analysis, the TD sequential indicator is flashing a buy alarm on the Solana daily price chart, suggesting a possible upward swing of one to four candlesticks.
SOL Price Aims to Reclaim $110
Solana’s price action appears to be following Martinez’s bullish projection. At the time of writing, SOL is trading around $104, showing a 3% increase in the past day. However, the token is still down about 4% over the past week.
Investors hope that SOL can reclaim the $110 mark, which it has struggled to hold above in the past. If successful, Solana will continue to maintain its position among the top five largest cryptocurrencies by market capitalization.
Conclusion
While Solana’s price has been lackluster compared to other cryptocurrencies, analyst Ali Martinez sees potential for an upward swing in the coming days. The TD sequential indicator suggests a buy signal, and SOL’s price action is aligning with this projection. If SOL can reclaim $110, it will be a positive sign for the cryptocurrency’s future.
