Solana’s Recent Performance
Investors are actively seeking SOL coins despite its recent correction. Solana [SOL] experienced a slip below $100 in the last 24 hours, only to rebound to $102 at the time of writing, following dip-buying by investors, as reported by CoinMarketCap.
The cryptocurrency, ranked as the fifth-largest asset, faced a 10% decline from last week’s peak of $113 amid prevailing negative market sentiment, according to AMBCrypto’s analysis of Santiment data.
However, these pullbacks can present a lucrative opportunity for accumulating assets with long-term potential.
Technical Indicators for SOL
Prominent technical analyst Ali Martinez identified a buy signal while analyzing SOL’s TD Sequential Indicator, indicating a potential sustained upswing.
It’s crucial to conduct your research (DYOR) before proceeding further, despite the value of forecasts by experienced analysts in investment decisions.
RSI and MACD Analysis
AMBCrypto scrutinized key technical indicators to support the bullish prediction. The Relative Strength Index (RSI) dipped below the neutral 50 level, typically acting as support during bull markets. A potential bounce from this zone would strengthen the bullish narrative.
- A dip below 40 in RSI would signal bearish dominance.
- The Moving Average Convergence Divergence (MACD) below the signal line suggests a pullback in an uptrend. A bullish crossover could set the stage for an extended rally.
SOL’s price was also approaching the lower band of the Bollinger Band (BB) indicator, and a bounce from this level could propel SOL back into an uptrend.
These technical indicators align with Ali Martinez’s claims.
Whales’ Sentiment Shift
The recent price correction impacted whale investors’ sentiment toward SOL. Data from Hyblock Capital revealed a decrease in the total number of whale positions long on Binance, dropping from 69% to 66% in the last four days.
Similar decreases were observed earlier in the month, raising expectations that the sentiment may shift once SOL begins its upward trajectory.
Despite this, the market appeared “greedy” at press time, indicating that investors were actively seeking to acquire SOL coins at any given opportunity.
