According to data from CoinMarketCap, Solana (SOL) traded slightly positive over the last day, recording a market gain of 1.37%. This price boost, while modest, is very encouraging for investors considering Solana’s bearish performance last week, when it lost 8.11% of its market value. Interestingly, crypto analyst Ali Martinez postulates that SOL may maintain its current positive performance after discovering a buy signal.

Solana Hits Critical Support at $141, TD Sequential Tips on Price Upside

By his X handle on Saturday Ali Martinez recorded that Solana recently fell to a key support level at $141. According to the analyst, this decline caused the TD Sequential indicator to generate a buy signal.

#Solana reached the key support level at $141 and TD Sequential showed a buy signal in the market $SOL daily chart! If this support continues, #SALT it may bounce from one to four daily candlesticks. pic.twitter.com/AjQX8CGf1d

— Ali (@ali_charts) June 15, 2024

For context, the Tom DeMark Sequential indicator is a technical analysis tool used to identify potential turning points in an asset’s price. The primary goal of TD Sequential is to predict market reversals and trends by counting a series of price bars.

Following Solana’s bearish form last week, Martinez states that the token’s price drop to $141 signaled a potential trend reversal, in line with signals from TD Sequential. Martinez postulated that if the buy signal turns out to be true and $141 holds as a solid support level, SOL could sustain the price rally for the next 1-4 days.

Interestingly, since reaching a certain support level, Solana has climbed over 3%, surpassing the price of $145.

If SOL maintains the same level of price growth over the next four days, the altcoin is expected to reach a price of at least $158. However, critical resistance is located at the $149 price zone. Sufficient selling pressure at this price could force SOL to return to its downtrend.

SOL price overview

At press time, Solana is trading at $145.16 after falling 10.25% over the past month. However, the altcoin still remains one of the best-performing major cryptocurrencies in 2024, with a total market gain of 43.5% for the full year.

Overall, Solana is being tipped as one of the assets to watch out for in the expected cryptocurrency bull market following its performance in the last bull cycle where it rose from around $3.50 to a peak price of $249.98. Additionally, Solana boasts a stalwart meme coin ecosystem that is valued at a high level $7.46 billion which could also support push the token’s price to recent heights in the coming months.