, the fifth largest cryptocurrency by market cap, has seen some extreme volatility in 2024. After enjoying a steady rise in 2023, the so-called ETH killer has failed to maintain its upward momentum this year.
This shift in market sentiment has seen the altcoin’s price decline by 40% on the charts, from its $209 ATH recorded in March. In fact, at the time of writing, SOL was trading at $130.13 after a 5.95% decline over the past week. This sustained decline is a sign of growing lack of confidence among investors.According to the popular crypto analyst, SOL might soon see an uptrend based on its historical cycle. Martinez claimed the TD sequential indicator underlined a key buy signal on SOL’s daily charts.
Therefore, long positions are paying short positions to hold their position. This means traders may be betting on the prices to rise and thus are willing to pay a premium for their positions. This can be interpreted as a bullish signal.Additionally, Open Interest per exchange rose by 7.59% over the past week from a low of $614 million to $661 million.
Therefore, if Martinez’s analysis turns out to be right, coupled with the positive market sentiment, SOL can note a short-term rebound to $142.Gladys is a passionate crypto-enthusiast and price analyst. With 3 years of experience in the blockchain space, she's well aware of the prevailing market trends. Gladys is uniquely committed to providing insightful and real-time content to the larger crypto-community.Subscribe to get it daily in your inbox.
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Source: CryptoAmb - 🏆 22. / 68 Read more »