Solana is down 10%, but a buy signal has been given - will SOL go up?
Over the past seven days, the price of #Solana has fallen almost 10%.
The #SOL index looked bullish, but the indicators were not happy.
Bears dominated the market last week and the prices of several #cryptocurrencies , including Solana [SOL], fell.
Investors had to bear losses, but things may soon change for SOL, as a buy signal appeared on the token's chart. Does this mean that SOL is ready for a bullish rebound?
Solana investors found themselves in a tight spot last week when the token's price fell by almost 10%. At the time of writing, SOL was trading at $144.39 with a market capitalization of over $66 billion.
However, investors should not despair. Popular crypto analyst Ali recently posted a tweet in which he shared an interesting development.
According to the tweet, a buy signal flashed for TD Solana around $BTC The #token managed to hold on to this support level, suggesting that SOL is likely to recover from last week's losses.
Examining CGFI. io data, AMBCrypto found that SOL's fear and greed index had a value of 37% at the time of publication.
If this index reaches this level, it indicates that the token's price may soon gain bullish momentum.
Is a bullish rally just around the corner?
Since the aforementioned data suggests a trend reversal, AMBCrypto analyzed SOL's on-chain indicators to better understand if a bullish rally is possible. According to our analysis, the SOL funding ratio is declining.
Prices usually move in the opposite direction to the funding ratio. Open interest has fallen along with prices, indicating a change in the current bearish price trend.
In addition, SOL volume is also declining, further indicating that prices will rise in the coming days. Nevertheless, investor confidence in SOL remains low.
Indeed, market indicators remain bearish.
Read us at: Compass Investments
