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.
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.
Solana Price Prediction: SOL’s Outlook is Still Bullish in the Mid-Term
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.
As a long-term investment, Solana is still quite attractive amid the rising popularity of meme coins and a rapidly expanding DeFi ecosystem.
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