There are signs of a potential recovery for Solana (SOL) despite the ongoing bearish market conditions, as a prominent crypto analyst on X (formerly Twitter) recently reported that the TD Sequential indicator has issued a buy alert for $SOL on its daily chart.
Since April 2024, Solana price has been fluctuating within a parallel descending channel, and is now testing its lower bound, with previous price patterns suggesting a potential sharp rally ahead, with expectations of $154 and possibly $187 in the foreseeable future.
Currently, SOL, the fifth-ranked cryptocurrency by market cap with $59.56 billion, is trading down 2.61% over the past 24 hours at $127.10, with a daily trading volume of $3.44 billion.
Despite the decline, the TD Sequential alert raises hopes for a potential rally, but nearby resistance levels and negative market sentiment could limit SOL’s price advance in the short term.