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 Weekly Chart

The “Tom Demark (TD) Sequential” is a widely used tool in technical analysis to identify potential 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 may 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 potential shift in direction for the cryptocurrency. The chart shared by the analyst illustrates the formation of this signal in SOL’s price.

Solana Price Chart

Hot Take

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Solana is forming a TD Sequential sell signal on the weekly chart, suggesting a potential 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 significant shift in the cryptocurrency’s price direction.

Is Solana About to Decline to $30 After Forming a Sell Signal?
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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. A guiding star for both audacious explorers and curious neophytes journeying through the crypto galaxy, Newt’s insights forge a compass for insightful decision-making amidst the ever-evolving universe of digital assets. With the precision of a wordsmith, they craft a narrative that enriches the evolving chronicle of the crypto cosmos.