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Solana’s bullish turn: What the TD Sequential suggests about buying SOL
Rare buy signal sparks bullish hype, as analysts predict rebound for Solana (SOL)
December 24, 2024 – A rare buy signal from the TD Sequential indicator has sparked a wave of optimism in the crypto community, leading some to speculate on a potential rebound and price increase. The TD Sequential, known for its accuracy in predicting market movements, has issued a buy signal on Solana’s (SOL) daily chart.
Solana’s recent correction appears to be reversing, as it traded at $190.04 at press time, hovering near critical support. Notably, the cryptocurrency has gained 4.91% over the past 24 hours, despite a significant decline of 11.43% in the last week.
According to analysts, this rare buy signal suggests an opportunity for long positions, potentially setting the stage for a strong upward momentum. “This signal is often a precursor to strong bullish momentum, suggesting an opportunity for long positions at these levels,” noted Ali (@ali_charts).
The TD Sequential indicator, which identifies potential trend reversals and continuations, has issued its rare buy signal on Solana’s chart. The technical setup, combined with the network’s robust fundamentals, hints at a potential recovery if key resistance levels are broken.
While some traders might be cautious about the recent decline, the data suggests an increased interest in the derivatives market. Binance long/short ratio for top traders has reached an astonishingly bullish 5.07, indicating that most traders expect upward momentum. This surge in demand is further supported by liquidation data revealing a tug-of-war between bulls and bears.
In light of these developments, analysts predict Solana may be on the cusp of a significant upswing.
Source: ambcrypto.com
