The post Strong Buy Signal for Solana (SOL), Here’s What Expert Says appeared first on Coinpedia Fintech News
In this bearish market sentiment, the majority of cryptocurrencies have experienced notable price declines. Amid this, a crypto expert hints that Solana (SOL) is flashing a buy signal. On September 6, 2024, a prominent crypto expert shared a post on X (Previously Twitter) that a technical indicator named TD sequential has presented a buy signal for SOL on the daily time frame.
Expert Price Prediction for Solana (SOL)
The expert also noted that since April 2024, Solana (SOL) has been consolidating in a parallel channel pattern, and currently the price is at a lower boundary. Based on the historical price momentum, there is a high possibility SOL’s price could soar to $154 and $187 in the coming days.
Solana Technical Analysis
According to expert technical analysis, SOL is in a downtrend as it is trading below the 200 Exponential Moving Average (EMA) on the daily time frame. Additionally, it is consolidating in a tight range between $126 and $135 over the last week.
In addition to this price consolidation, the technical indicator Relative Strength Index (RSI) has formed a bullish divergence on the daily time frame, indicating a strong trend reversal from downtrend to uptrend.
In the past few days, SOL price has formed lower lows, while the RSI has formed higher lows resulting in a bullish divergence. Traders and investors often view this as a potential buying opportunity.
On-Chain Metrics’ Bullish Outlook
Besides this technical analysis, CoinGlass’s SOL OI-Weighted Funding Rate also supports the bullish outlook. According to the data, the funding rate currently stands at +0.0049, indicating bullish sentiment.
As of now, the major liquidation levels are near $128 on the lower side and $131.5 on the higher side, as traders are over-leveraged at these levels, according to Coinglass data.
At press time, SOL is trading near $129.5 and has experienced a price decline of over 3.5% in the last 24 hours. Meanwhile, its trading volume has increased by 16% during the same period, indicating higher investor and trader participation amid the price drop.
