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.
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.
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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