Time to Buy Solana? Expert Reveals SOL Flashing Buy Signal
Solana (SOL), the world’s fifth-largest cryptocurrency by market capitalization, has seen its price fall significantly in recent days.
Solana (SOL) Is Flashing a Buy Signal, Experts Say
Amid continued price declines, a prominent cryptocurrency expert posted on X (formerly Twitter) that the technical indicator TD Sequential flashed a buy signal for Solana (SOL) on its daily time frame.
Solana (SOL) Price Action and Upcoming Levels
According to expert technical analysis, SOL recently broke through its key support level and is currently receiving support from the 200 Exponential Moving Average (EMA). This support at the 200 EMA could play a crucial role for SOL and determine whether the altcoin will rise or face a price drop in the future.
Currently, SOL appears to be consolidating within a tight range between $175 and $188 over the past two trading days.
Based on the recent price action, if SOL remains above the 200 EMA, a 30% surge to the $240 mark is very likely in the near future. Conversely, if SOL fails to sustain this support and closes below the $175 mark, a 30% decline towards $120 levels is possible.
Exchange outflows of $105 million
According to on-chain analytics firm Coinglass, long-term holders have shown strong interest in SOL during this challenging phase. Data on SOL spot inflows/outflows show that over the past three days, SOL across the cryptocurrency market has experienced a huge outflow of funds worth $105.5 million.
This large outflow indicates underlying upside momentum and suggests this is an ideal opportunity to increase SOL.
Current Price Momentum
Currently, SOL is trading close to $182.3, with the price inching up by more than 0.5% in the past 24 hours. During the same period, altcoin trading volumes fell by 5%, indicating reduced participation from traders and investors amid market uncertainty.
