Solana: Analyst says ‘still bullish as hell’ on SOL despite pullbacks

• Altcoin Sherpa predicts Solana could double in value over the year.
• Ali Martinez’s analysis indicates a bullish outlook for Solana based on the TD sell signal.

In a notable development, renowned cryptocurrency analyst Altcoin Sherpa has shared a bullish forecast for the meme cryptocurrency Solana [SOL], envisioning it to double in value over this year.

Altcoin Sherpa’s optimistic projection hints at the possibility of Solana hitting unprecedented highs in the coming months, although it may encounter certain obstacles along the way.

Taking to X (formerly Twitter) the analysts noted, 

“There is going to probably be a pullback somewhere in the $200-$250s but I don’t know how deep it’s going to be. 

He further added, 

“Still bullish as hell on this one this cycle, it’s the best chain for retail (evidence of memes). Prob $500+ in 2024.”

An impending bullish trend for SOL

Emphasizing a parallel viewpoint Ali Martinez in a post on X highlighted, 

“The TD sell signal on Solana daily chart has just been invalidated, hinting at a bullish outlook for $SOL. 

He added, 

“It pierced through the setup risk line at $198, potentially setting the stage for a new countdown toward another sell signal.”

The TD Sequential indicator, known for its TD Sell Signal, is a valuable tool in technical analysis, helping traders spot potential market reversals and price exhaustion.

When it shows a “sell” signal, it means that the recent pattern of price increases has reached a point where the trend could reverse or take a breather. Its appearance often suggests a pause or reversal in the current uptrend, signaling the potential for bullish continuation instead.

Echoing the sentiment, Martinez further elaborated, 

“This breakthrough is akin to last December when a similar invalidation of the TD’s sell signal led SOL to slice through its setup risk line, igniting a remarkable 70% rally before facing the next sell signal.” 

In conclusion, the bullish forecasts from Altcoin Sherpa and Ali Martinez underscore the positive outlook for Solana, despite potential pullbacks and obstacles.

As investors maneuver through market uncertainties, these analysts’ insights offer valuable perspectives on Solana’s trajectory in cryptocurrency.