Solana Could See an Epic Rally if This TD Sequential Signal Holds

Solana (SOL) is currently not in a positive situation as the price drop has extended the losses over the last 7 days to 10.37%. At the time of writing, this loss appears to be easing, but a likely change in trend is anticipated.

Solana’s bullish revival is imminent

In the financial market, the rise and fall of prices is a key element that has been legislated. Although there may be extended periods of decline, a rebound is often imminent.

In the case of Solana, market analyst Ali Martinez intervened. According to Martinez, Solana price has reached a major support level at $141. Taking a look at the Solana chart, the coin fell to a 24-hour low of $140.12 and recorded a high of $145.54. The price of $140 is the lowest Solana has recorded in the past month.

As it stands, the $141 price provides key support to prevent further declines. The tide turned quickly for SOL after the massive sell-off that took place Bitcoin recorded recently. After trading at $163 last week, immediate relief is needed for long traders whose positions are liquidated.

Judging from the on-chain signals of the TD Sequential Indicator, Martinez posited that a buy signal appeared on the daily chart. This is a bullish sign as SOL bears face exhaustion from selling. According to the analyst, if the $141 support holds, SOL could print 1-4 more daily candlesticks.

This information is crucial to the coin as it could help market observers evaluate potential trends.

SOL Boost Amid Memecoin Revolution

Every blockchain protocol has its essential growth catalyst. Despite Solana’s many congestion issues in the first quarter, Solana is back on its feet with a mainnet patch.

The memecoin explosion is one of the most ambitious ways to showcase this strength. While Ethereum (ETH) and Binance Smart Chain (BSC) have their run, Solana now reigns as the memecoin network to watch. Beyond BONK and dogwifhat (WIF) tokens, many new entrants are heading to Solana on a daily basis.

The activity of the ecosystem around these memecoins helped support overall demand for SOL. If this trend continues, it could push the piece attesting to Martinez’s rebound projection.

Learn more: Dogecoin developer excoriates Elon Musk over new X transparency feature

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