A crypto analyst has recently predicted a potential price dip for Solana (SOL) despite its recent recovery.
has recently exhibited a recovery, surging by approximately 15% within a single day to trade at $141.29. This uptick is particularly notable considering Solana’s recent performance, which saw it plummet to a low of $110 earlier in the day.
Despite the promising surge, caution remains among market analysts. A well-regarded figure in the cryptocurrency analysis community, Ali has hinted that thea sell signal on Solana’s hourly chart. This indicator suggests a potential retreat to the price levels between $135 and $130. However, Ali pointed out a critical resistance level at $146. Should Solana break through this threshold, it could negate the bearish forecast and potentially propel its price towards the $150 to $166 range.forecastedTo understand the likelihood of these predictions coming to fruition, it’s worth looking into Solana’s fundamental market indicators.
These indicators such as open interest and the Relative Strength Index often give a hint on where the market is likely headedfrom Coinglass, Solana’s Open interest, which represents the total number of outstanding derivative contracts that have not been settled, has risen by 18.43% in the last 24 hours, reaching $2 billion.This value indicates neither overbought nor oversold conditions, suggesting that the price could stabilize unless external market factors exert influence.
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