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- Solana’s TD Sequential buy signal hints at a potential rebound from its lower boundary toward key resistance levels.
- Solana Mobile 2 may debut at TOKEN2049, showcasing further innovation within the Solana ecosystem.
In a recent tweet, on-chain analyst Ali Martinez noted that Solana (SOL) has been consolidating in a parallel channel since April. Martinez went on to say that the TD Sequential indicator has now given a buy signal on the daily chart, indicating a possible rebound for SOL.
#Solana has been consolidating within a parallel channel since April.
The TD Sequential has now presented a buy signal on the daily chart, indicating that $SOL could rebound from the channel's lower boundary toward the middle or upper boundaries, positioned at $154 and $187… pic.twitter.com/eGI7qY4fTE
— Ali (@ali_charts) September 6, 2024
Potential Rebound Offers Hope for Solana Traders
This indication implies that SOL may climb from the channel’s bottom limit to the middle or upper bounds, located at $154 and $187, respectively. This anticipated resurgence may bring much-needed respite to traders who have been constantly following Solana price changes in recent months.
However, the bearish trend continues to put pressure on Solana. Despite the optimistic technical analysis, SOL remains under pressure, down 2.39% over the last 24 hours and 8.36% over the last week.
At the time of writing, SOL was trading at around $126.56. The bearish trend has made it difficult for SOL to recover much, as market conditions continue to affect its price.
On the other side, as we previously reported, enthusiasm is building for the upcoming TOKEN2049 conference. Anatoly Yakovenko, one of Solana’s co-founders, has been confirmed to speak at this big event, which will have over 300 presenters from diverse areas of the blockchain and cryptocurrency industries.
Also, Solana Mobile 2 may be introduced during the conference, following the successful adoption of the original edition of Solana Mobile. This might be a watershed moment for the Solana ecosystem, as mobile integration continues to play an important role in the advancement of blockchain technology.
Furthermore, according to CNF, it has been alleged that a whale or institutional organization sold 695,000 SOL this year for $99.5 million. Despite this big sell-off, which includes weekly sales of 19,306 SOL, the whale or institution still owns a large amount of staked SOL.
They currently own 1.88 million SOL, worth around $255.89 million. This entity’s huge holdings demonstrate its continued commitment to the Solana network, notwithstanding the recent sell-off.
