A pseudonymous cryptocurrency analyst Altcoin Sherpa, has expressed his optimistic outlook for the meme cryptocurrency Solana (CRYPTO: SOL), suggesting it could potentially double in value this year.
What Happened: Altcoin Sherpa predicts that Solana could reach new peaks during the year but might face immediate challenges.
“There is going to probably be a pullback somewhere in the $200-$250s, but I don’t know how deep it’s going to be. Still bullish as hell on this one this cycle, it’s the best chain for retail (evidence of memes). Probably $500+ in 2024,” the analyst stated.
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Why It Matters: Echoing similar sentiments, Ali Martinez in a post on X said, "The TD sell signal on Solana daily chart has just been invalidated, hinting at a bullish outlook for SOL. It pierced through the setup risk line at $198, potentially setting the stage for a new countdown toward another sell signal. This breakthrough is akin to last December when a similar invalidation of the TD’s sell signal led SOL to slice through its setup risk line, igniting a remarkable 70% rally before facing the next sell signal."
The TD Sell Signal is part of the TD Sequential indicator, a technical analysis tool used to identify potential price exhaustion and market reversals. A sell signal is suggested when the indicator’s prescribed pattern of counting upward price bars is completed, typically after a sequence of nine consecutive closes higher than the close four bars prior. When this pattern is disrupted or invalidated, it may indicate a pause or reversal of the current uptrend, signifying the possibility of bullish continuation instead.
Price Action: At the time of writing, the price of SOL was $166 down 9.71% in the last 24 hours, according to Benzinga Pro.
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