Solana Price Prediction – This Chart Pattern Often Means Trouble… Will SOL Break Below $146?

The Solana price (SOL) has gone up in the past week as market sentiment has stabilized following a cease-fire between Israel and Iran.

The Fear and Greed Index has improved from a low of 37 (Fear) to 50 at the time of writing as investors have adopted a Neutral attitude in expectation of the next big catalyst that could confirm the direction of crypto prices for the next few weeks.

SOL is the best-performing token of the top 5 in the past 7 days with gains of 12.1% and its price currently sits at $150.51.

#Solana $SOL could retrace to $146, with the TD Sequential flashing a sell signal! pic.twitter.com/mmHO6dePTE

However, a well-known trader called Ali Martinez, predicted that SOL could drop to $146 as he believes that the latest uptrend has reached a phase of exhaustion.

Martinez used an indicator called the TD Sequential, which finds early signals of a trend reversal. In the 4-hour chart, it appears that a sell signal has popped up. This favors a short-term bearish Solana price prediction.

Using a Fibonacci retracement, Ali predicted that SOL could drop to $146 first and enter areas of heavier discounts at around $140 if the downtrend accelerates.

Trading volumes have gone up by nearly 20% in the past 24 hours as SOL has gone down by 0.7% which could be early confirmation that selling pressure is rising.

This view is consistent with what’s going on in the daily chart as the price has jumped back above $140 recently.

This is a key area of support that has not been retested yet and that the market could hunt in the next few days before its next leg up to $185.

In this higher time frame, we can see that the 9-day and 21-day exponential moving averages (EMAs) seem poised to make a bullish crossover. This favors a short-term push to higher levels.

Hence, although SOL could drop below $146 at some point, a retest and bounce off $140 would confirm a bullish Solana price prediction.

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