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Solana Makes New All-Time High As Sell Signal Pops up

Solana continues advancing further without looking back. The seventh-largest cryptocurrency by market capitalization has gained nearly 31.50 points in market value over the past 24 hours to make a new all-time high of $146.38.

From a technical perspective, it appears that the recent bullish impulse originated after Solana broke out of a symmetrical triangle on its 4-hour chart. The height of the pattern’s y-axis added to the breakout point, suggesting a 24.70% upswing.

 

The Tom DeMark (TD) Sequential indicator presented a sell signal on Solana’s daily chart. The bearish formation developed as a green nine candlestick. A spike in profit-taking around the current price levels could help validate the pessimistic outlook, leading to a one to four daily candlestick correction before the uptrend resumes.

 

The Fibonacci retracement indicator, measured from the Jul. 20 low of $22.10 to the recent all-time high of $146.38 suggests multiple price levels that may act as support in the event of a correction. If sell orders start piling up, Solana could drop toward $117.05, $98.91 or even $84.24.

 

It is worth noting that since Solana has entered price discovery mode, a decisive daily candlestick close above the $146.38 might put on hold the bearish thesis. Under such unique circumstances, Solana could aim for a new all-time high of $180.

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Crypto Stats


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin44,644 0.81 % 2.72 % 7.35 %
Ethereum3,134.2 1.08 % 3.38 % 12.84 %
Cardano2.250 0.97 % 1.15 % 9.65 %
Tether1.000 0.48 % 0.46 % 0.06 %
Binance Coin381.95 0.65 % 1.13 % 11.16 %
XRP0.9960 0.44 % 0.69 % 10.98 %
Solana148.30 0.84 % 0.73 % 6.50 %
Polkadot32.67 0.37 % 3.71 % 10.08 %
USD Coin1.000 0.36 % 0.15 % 0.03 %
Dogecoin0.2226 0.97 % 0.70 % 10.02 %

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