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Momentum Indicator Flips Bullish for Ethereum Rival Solana, According to Crypto Analyst – Here Are His Targets

n70products by n70products
September 8, 2024
in Altcoin
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Momentum Indicator Flips Bullish for Ethereum Rival Solana, According to Crypto Analyst – Here Are His Targets
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A momentum indicator just lately flipped bullish for Solana (SOL), in accordance with a well-liked crypto analyst.

Ali Martinez tells his 70,400 followers on the social media platform X that the highest Ethereum (ETH) rival’s Tom DeMark (TD) Sequential Indicator offered a purchase sign on the asset’s day by day chart.

Image
Supply: Ali Martinez/X

Merchants use the TD Sequential Indicator to foretell potential development reversals for tokens based mostly on the closing costs of their 13 earlier bars or candles.

Martinez says SOL “might rebound from the channel’s decrease boundary towards the center or higher boundaries, positioned at $154 and $187 respectively.”

SOL is buying and selling at $123.22 at time of writing. The Fifth-ranked crypto asset by market cap is down almost 6% previously 24 hours and almost 10% previously seven days.

The analyst does warning, nonetheless, {that a} sustained shut under the channel’s decrease boundary at $126 might set off a major worth correction for SOL, pushing the asset right down to the $90-$110 vary.

Martinez additionally notes that the digital asset market is at present registering “excessive concern,” citing the Crypto Worry & Greed Index, a device that gauges market sentiment on a scale from 0-100.

Image
Supply: Ali Martinez/X

A studying of maximum concern can point out oversold situations, whereas a studying of maximum greed suggests overbought situations.

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Disclaimer: Opinions expressed at The Every day Hodl will not be funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your personal danger, and any losses chances are you’ll incur are your duty. The Every day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital property, neither is The Every day Hodl an funding advisor. Please observe that The Every day Hodl participates in affiliate marketing online.

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Tags: AnalystBullishCryptoEthereumFlipsIndicatorMomentumRivalSolanaTargets
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