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Solana has stolen the crypto spotlight after entering price discovery mode.
Key Takeaways
- Solana has made a new all-time high of $146.38.
- Despite the recent milestone, a spike in profit-taking seems imminent.
- Selling pressure could push SOL to $117.05 or lower.
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Solana appears to be approaching exhaustion. A Wall Street-class trading indicator shows a one to four daily candlestick correction may occur before SOL advances further.
Solana Flashes Sell Signal
Solana continues advancing further without looking back. The seventh-largest cryptocurrency by market capitalization has gained nearly 31.50 points in market value over the past 24 hours to make a new all-time high of $146.38.
From a technical perspective, it appears that the recent bullish impulse originated after Solana broke out of a symmetrical triangle on its 4-hour chart. The height of the pattern’s y-axis added to the breakout point, suggesting a 24.70% upswing.
Now that the target has been met, SOL could be headed for a pull back.
The Tom DeMark (TD) Sequential indicator presented a sell signal on Solana’s daily chart. The bearish formation developed as a green nine candlestick. A spike in profit-taking around the current price levels could help validate the pessimistic outlook, leading to a one to four daily candlestick correction before the uptrend resumes.
The Fibonacci retracement indicator, measured from the Jul. 20 low of $22.10 to the recent all-time high of $146.38 suggests multiple price levels that may act as support in the event of a correction. If sell orders start piling up, Solana could drop toward $117.05, $98.91 or even $84.24.
It is worth noting that since Solana has entered price discovery mode, a decisive daily candlestick close above the $146.38 might put on hold the bearish thesis. Under such unique circumstances, Solana could aim for a new all-time high of $180.
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