Cryptocurrency Solana (SOL) is showing early signs of a potential rebound, supported by the current technical setup.
According to renowned analyst Ali Martinez, a TD Sequential buy signal has appeared on the token’s daily chart. It follows a period of persistent selling pressure, hinting that the ongoing downtrend could soon reverse and pave the way for a potential recovery in Solana’s price .
Additionally, the appearance of “TDS 9” on the chart suggests that the asset may have bottomed out as it bounced off the $176 support level, which acted as a strong barrier during the recent downturn.
The subsequent recovery has lifted Solana to the current $194, marking a daily gain of 2.7%. As a result, the next resistance is seen at $197. A break there could strengthen the bullish momentum.
Another crypto analyst Captain Fybik noticed that Solana broke out of a bullish pennant on the weekly chart. Combined with strong buying momentum, this breakout signals potential for significant gains with a target at $400.
Changes in the Bitcoin price will also be a key factor in shaping Solana's upward trajectory , fueling expectations that a spot ETF on the Solana base will be approved . Outgoing US SEC Chairman Gary Gensler previously rejected such a proposal, citing concerns about the cryptocurrency's classification as a security.
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