Solana (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.

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.

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