Is Solana About to Decline to $30 After Forming a Sell Signal?

Is Solana About to Decline to $30 After Forming a Sell Signal?

The Formation of a TD Sequential Sell Signal on the Solana (SOL) Weekly Chart

The “Tom Demark (TD) Sequential” is a broadly used tool in technical analysis to identify probable tops or bottoms in the price of an asset or commodity. This indicator consists of two phases: the setup phase and the countdown phase, where candles of the same polarity are counted up to 9.

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Once the ninth candle is reached, the metric signals a likely reversal in the price. If the setup happens with green candles, it implies a probable top and suggests it could be time to exit the asset. Conversely, the opposite candle type would indicate a possible reversal from a bearish trend.

Analyst Ali recently shared in a post on Twitter that Solana’s 7-day chart has completed the setup phase of the TD Sequential, indicating a probable shift in direction for the digital currency. The chart shared by the analyst illustrates the formation of this signal in SOL’s price.

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Solana Price Chart

Hot Take

Solana (SOL) is forming a TD Sequential sell signal on the weekly chart, suggesting a probable decline to as low as $30 for SOL. This tool is commonly used in technical analysis to identify price reversals, and its completion on Solana’s chart may signal a whole lot of shift in the cryptocurrency’s price direction.

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Newt Bettec emerges as an intellectual voyager at the intersection of crypto analysis, meticulous research, and editorial mastery. Within the digital labyrinth of cryptocurrencies, Newt’s intellect traverses intricate corridors, resonating with seekers of diverse inclinations. His talent for unraveling complex threads of crypto intricacies seamlessly blends with his editorial finesse, transmuting intricacy into an engaging tapestry of understanding.

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