Ali Martinez, a crypto analyst, mentioned a sell signal on Solana’s chart, predicting a possible retracement.
Rival to Ethereum (ETH), Solana (SOL) defied the overall decline in the cryptocurrency market by announcing an integration with Binance’s Web3 Wallet.
According to CoinGecko, the fifth-ranked crypto asset by market capitalization has increased by more than 5% over the past twenty-four hours, while the overall crypto market capitalization has decreased by 3.8% during the same period.
The Web3 Wallet, according to Binance, now enables SOL trading and access to a variety of DApps and impending airdrops.
Nonetheless, some crypto analysts believe the Ethereum competitor is ripe for a correction.
Analyzing Solana’s Price Action
Ali Martinez informed his 52,700 followers on the social media platform X earlier this week that the daily chart of SOL’s smart contract platform Tom DeMark (TD) sequential indicator displayed a sell signal.
This indicator has historically predicted price declines. The trader forecasts that Solana may retrace to a range between $127 and 152.
TD Sequential is commonly employed to identify the prospective price turning point of an asset.
SOL has risen by over 23% over the previous week, by approximately 52% over the last month, and by over 62% since the beginning of the year. Notwithstanding these price increases, it is still approximately 32% below its peak of $259.96, achieved in November 2021.
As of this writing, SOL is trading at $177.72 per share.
