Solana’s TD Sequential Sell Signal on Weekly Chart Suggests Potential Decline in SOL Price

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This summary text is fully AI-generated and may therefore contain errors or be incomplete.

Solana, a popular cryptocurrency, is showing signs of a potential decline according to technical analysis. The weekly chart is forming a TD Sequential sell signal, indicating a possible reversal in price. This tool, known as the Tom Demark Sequential, helps identify tops or bottoms in asset prices. The indicator consists of two phases: the setup phase and the countdown phase. In the setup phase, candles of the same polarity are counted up to 9, after which a reversal is likely. In the case of Solana, the setup phase is forming with green candles, suggesting a probable top and a potential sell signal. The countdown phase, which follows the setup phase, lasts for 13 candles and indicates a state of exhaustion in the trend. If the bearish formation is confirmed, Solana could see a decline towards $45 or even $30, representing a significant drop from its current price. Despite the recent decline, Solana has experienced strong bullish momentum, with profits of over 100% in the past month. Traders will be closely watching the TD Sequential indicator to see if it predicts a reversal in Solana’s price once again.

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