Solana (SOL), the world’s fifth-largest cryptocurrency by market cap, has experienced a notable price decline in recent days.
Amid this continuous price drop, a prominent crypto expert posted on X (previously Twitter) that the technical indicator TD Sequential is flashing a buy signal for Solana (SOL) on its daily time frame.
According to expert technical analysis, SOL has recently broken out from its crucial support level and is currently receiving support from the 200 Exponential Moving Average (EMA). This support from the 200 EMA could play a crucial role for SOL and determine whether the altcoin will rally or face a price decline in the future.
Currently, SOL appears to be consolidating within a tight range between $175 and $188 over the past two trading days.
Based on recent price action, if SOL holds above the 200 EMA, there is a strong possibility it could soar by 30% to reach the $240 mark in the near future. Conversely, if SOL fails to maintain this support level and closes a daily candle below the $175 mark, it could drop by 30% to reach the $120 level.
Is Solana ready for a breakout? Read Solana price prediction to stay ahead of the market trends and make informed moves!
Amid this challenging phase, long-term holders have shown strong interest in SOL, according to the on-chain analytics firm Coinglass. Data from SOL spot inflow/outflow reveals that exchanges across the cryptocurrency market have witnessed an outflow of a significant $105.5 million worth of SOL in the past three days.
This substantial outflow indicates potential upside momentum and suggests an ideal opportunity to add SOL.
Currently, SOL is trading near $182.3 and has experienced a modest price increase of over 0.5% in the past 24 hours. During the same period, the altcoin’s trading volume dropped by 5%, indicating reduced participation from traders and investors amid market uncertainty.
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