search
Homeweb3.0Solana (SOL) Chart Hints at Possibility of Bullish Reversal, Targets $187

The near-term outlook for Solana (SOL) looks positive as technical analysis indicators known to mark market turning points are flashing bullish signals.

Solana (SOL) Chart Hints at Possibility of Bullish Reversal, Targets 7

A technical analysis indicator, known to mark inflection points in the market, is flashing a bullish signal for Solana (CRYPTO: SOL).

A technical analysis indicator, known to mark inflection points in the market, is flashing a bullish signal for Solana (CRYPTO: SOL).

What Happened: A renowned independent market analyst goes by the name Ali Martinez recently shared a post on Twitter, highlighting a buy signal generated by the TD (Tom DeMark) Sequential indicator on SOL’s daily chart.

What Happened: A renowned independent market analyst goes by the name Ali Martinez recently shared a post on Twitter, highlighting a buy signal generated by the TD (Tom DeMark) Sequential indicator on SOL’s daily chart.

The DeMark indicator aids technical analysts in assessing the state and health of the current trend and potential turning points in the price trend of an asset. The DeMark daily sequential indicator forms a buy signal after three conditions are fulfilled. First, nine or more successive daily closes must be below the corresponding closure four days earlier. Second, the high of any day on or following the eighth day must be bigger than the low of any day three or more days prior.

The DeMark indicator aids technical analysts in assessing the state and health of the current trend and potential turning points in the price trend of an asset. The DeMark daily sequential indicator forms a buy signal after three conditions are fulfilled. First, nine or more successive daily closes must be below the corresponding closure four days earlier. Second, the high of any day on or following the eighth day must be bigger than the low of any day three or more days prior.

Once the above conditions are met, traders count the number of days with a closing price lower than the close two days ago. When this count hits 13, a buy signal is printed.

Once the above conditions are met, traders count the number of days with a closing price lower than the close two days ago. When this count hits 13, a buy signal is printed.

According to Martinez, SOL “could rebound from the channel’s lower boundary toward the middle or upper boundaries, positioned at $154 and $187, respectively.”

According to Martinez, SOL “could rebound from the channel’s lower boundary toward the middle or upper boundaries, positioned at $154 and $187, respectively.”

At the time of press, SOL was trading at $127.67, as per CoinGecko data. The fifth-largest token by market capitalization was down by 1.5% on the daily chart. Solana’s price remained 51.2% away from its old all-time high of $259.96, which was reached three years ago in November 2021.

At the time of press, SOL was trading at $127.67, as per CoinGecko data. The fifth-largest token by market capitalization was down by 1.5% on the daily chart. Solana’s price remained 51.2% away from its old all-time high of $259.96, which was reached three years ago in November 2021.

However, Martinez warned that a sustained close below the channel’s lower boundary at $126 could spark a massive price correction for SOL, taking the crypto to the $90-$110 range.

However, Martinez warned that a sustained close below the channel’s lower boundary at $126 could spark a massive price correction for SOL, taking the crypto to the $90-$110 range.

Solana ETF: What Now?As reported earlier, Solana could be the next crypto major to secure a spot exchange-traded fund (ETF) listing in the US after Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), which could be a strong price catalyst.

Solana ETF: What Now?As reported earlier, Solana could be the next crypto major to secure a spot exchange-traded fund (ETF) listing in the US after Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), which could be a strong price catalyst.

Brazilian regulators have already approved the world’s first Solana ETFs. These products are expected to go live in the coming months. The development could inspire the United States, the world’s largest economy to explore SOL-based ETFs in the future.

Brazilian regulators have already approved the world’s first Solana ETFs. These products are expected to go live in the coming months. The development could inspire the United States, the world’s largest economy to explore SOL-based ETFs in the future.

In the U.S., two would-be issuers, VanEck and 21Shares, have previously submitted applications with the Securities and Exchange Commission (SEC). However, Cboe removed the 19b-4 filings for the two prospective Solana ETFs from its website’s “Pending Rule Changes” page after the SEC rejected the filings due to the agency’s concerns over Solana’s classification as a security.

In the U.S., two would-be issuers, VanEck and 21Shares, have previously submitted applications with the Securities and Exchange Commission (SEC). However, Cboe removed the 19b-4 filings for the two prospective Solana ETFs from its website’s “Pending Rule Changes” page after the SEC rejected the filings due to the agency’s concerns over Solana’s classification as a security.

While a US Solana ETF seems a bit farfetched at the moment, its unlikely prospect makes it a significant price catalyst in case of a potential greenlight from the SEC.

While a US Solana ETF seems a bit farfetched at the moment, its unlikely prospect makes it a significant price catalyst in case of a potential greenlight from the SEC.

The above is the detailed content of Solana (SOL) Chart Hints at Possibility of Bullish Reversal, Targets $187. For more information, please follow other related articles on the PHP Chinese website!

Statement
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn
JetBolt: Revolutionary Cryptocurrency Launch Amidst Market DeclinesJetBolt: Revolutionary Cryptocurrency Launch Amidst Market DeclinesAug 06, 2024 am 03:30 AM

The cryptocurrency market is experiencing significant turbulence, with several major assets experiencing sharp declines. Amid this, new coins continue to shine

Solana ETF Rumors Dashed as BlackRock CIO Emphasizes Bitcoin and Ethereum FocusSolana ETF Rumors Dashed as BlackRock CIO Emphasizes Bitcoin and Ethereum FocusJul 30, 2024 pm 06:43 PM

In the last two weeks, Solana has jumped 30%, outpacing both Bitcoin and ETH. Therefore, many are anticipating that this surge is coming

Neiro: The Solana Memecoin That's Buzzing Crypto TwitterNeiro: The Solana Memecoin That's Buzzing Crypto TwitterJul 30, 2024 am 03:18 AM

Memecoin trading on Solana is buzzing once again. Solana's decentralised exchange trading — or DEX for short — volume in the last 24 hours reached $2 billion

Bitcoin (BTC) Slides to $66K in Wake of Silk Road BTC Movements, Solana’s (SOL) Leads Majors LossesBitcoin (BTC) Slides to $66K in Wake of Silk Road BTC Movements, Solana’s (SOL) Leads Majors LossesJul 30, 2024 pm 06:44 PM

“It’s going to be extremely volatile this week, so I will not be surprised to see BTC price get another 10% drop/pump,” one analyst noted.

The SEC Temporarily Suspends Its Allegations That SOL, ADA, and MATIC Are Unregistered SecuritiesThe SEC Temporarily Suspends Its Allegations That SOL, ADA, and MATIC Are Unregistered SecuritiesJul 31, 2024 am 12:25 AM

This decision comes amid the ongoing legal proceedings against Binance, one of the world's leading cryptocurrency exchanges.

The 3 Top Crypto Stories Making the Rounds This Week are Solana’s (SOL) ETF Potential, Litecoin’s (LTC) New User Numbers and Rollblock’s (RBLK) Viral PresaleThe 3 Top Crypto Stories Making the Rounds This Week are Solana’s (SOL) ETF Potential, Litecoin’s (LTC) New User Numbers and Rollblock’s (RBLK) Viral PresaleJul 29, 2024 pm 06:22 PM

The 3 top crypto stories making the rounds this week are Solana’s (SOL) ETF potential, Litecoin’s (LTC) new user numbers and Rollblock’s (RBLK) viral presale.

Solana Meme Coins and Pepe Unchained: A Strategic Evolution in the Crypto SphereSolana Meme Coins and Pepe Unchained: A Strategic Evolution in the Crypto SphereAug 01, 2024 am 03:08 AM

The buzz in the crypto community is palpable as two trailblazers take center stage: Solana meme coins and Pepe Unchained. These digital currencies are reshaping the gaming and investment scenes, opening doors to unprecedented opportunities.

RCO Finance (RCOF): The Ethereum Token to Watch That Could Outshine SolanaRCO Finance (RCOF): The Ethereum Token to Watch That Could Outshine SolanaJul 27, 2024 am 12:08 AM

The recent surge in Robinhood activity has reignited interest in the crypto market. While Solana is known for its impressive speed and low transaction costs, RCO Finance is making its mark by prioritizing user experience and community engagement. Her

Hot AI Tools

Undresser.AI Undress

Undresser.AI Undress

AI-powered app for creating realistic nude photos

AI Clothes Remover

AI Clothes Remover

Online AI tool for removing clothes from photos.

Undress AI Tool

Undress AI Tool

Undress images for free

Clothoff.io

Clothoff.io

AI clothes remover

AI Hentai Generator

AI Hentai Generator

Generate AI Hentai for free.

Hot Article

Repo: How To Revive Teammates
1 months agoBy尊渡假赌尊渡假赌尊渡假赌
R.E.P.O. Energy Crystals Explained and What They Do (Yellow Crystal)
2 weeks agoBy尊渡假赌尊渡假赌尊渡假赌
Hello Kitty Island Adventure: How To Get Giant Seeds
1 months agoBy尊渡假赌尊渡假赌尊渡假赌

Hot Tools

SublimeText3 English version

SublimeText3 English version

Recommended: Win version, supports code prompts!

Safe Exam Browser

Safe Exam Browser

Safe Exam Browser is a secure browser environment for taking online exams securely. This software turns any computer into a secure workstation. It controls access to any utility and prevents students from using unauthorized resources.

Zend Studio 13.0.1

Zend Studio 13.0.1

Powerful PHP integrated development environment

DVWA

DVWA

Damn Vulnerable Web App (DVWA) is a PHP/MySQL web application that is very vulnerable. Its main goals are to be an aid for security professionals to test their skills and tools in a legal environment, to help web developers better understand the process of securing web applications, and to help teachers/students teach/learn in a classroom environment Web application security. The goal of DVWA is to practice some of the most common web vulnerabilities through a simple and straightforward interface, with varying degrees of difficulty. Please note that this software

mPDF

mPDF

mPDF is a PHP library that can generate PDF files from UTF-8 encoded HTML. The original author, Ian Back, wrote mPDF to output PDF files "on the fly" from his website and handle different languages. It is slower than original scripts like HTML2FPDF and produces larger files when using Unicode fonts, but supports CSS styles etc. and has a lot of enhancements. Supports almost all languages, including RTL (Arabic and Hebrew) and CJK (Chinese, Japanese and Korean). Supports nested block-level elements (such as P, DIV),