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Solana (SOL) Sits at a ‘No Trade’ Zone as a Huge Move Looks Imminent: Analyst

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Solana’s native token has been trading in a tight range recently and remains suppressed below $100 due to ongoing bearish sentiment and macro headwinds.

According to one popular analyst, though, this might be the calm before the storm, predicting an explosive move in the short term.

Buckle up

As of this writing, SOL is worth around $86 (per CoinMarketCap’s data), after forming a local bottom at roughly $77 in February and a local top at $94 a month later. One person who touched on the asset’s performance is Ali Martinez, describing anything within that range as a “no trade” zone.

“Chasing candles inside this consolidation often leads to being chopped up,” he added.

Moreover, the analyst claimed that SOL’s Bollinger Bands have squeezed on the 3-day chart. The indicator, developed by John Bollinger, uses a moving average with two channels above and below it. These bands widen when the market gets volatile and tighten when things calm down.

Extreme squeeze is usually seen as a precursor of a major move, which can happen at any time. It is important to note that the direction remains unclear, meaning that a sudden crash is also in the cards.

“This high-timeframe squeeze could act like a coiled spring. The longer the price stays in here, the more energy it builds for the eventual breakout,” Martinez concluded.

Earlier this week, Bitcoin’s Bollinger Bands squeezed as never before on a monthly scale. That said, it will be interesting to follow whether SOL and BTC will break out in tandem in the near future.

Mixed Signals From These Metrics

Over the past few weeks, a noticeable amount of SOL has flowed from self-custody to centralized crypto exchanges. This development is typically considered a pre-sale step and could serve as a warning for impending correction.

SOL Exchange Netflow
SOL Exchange Netflow, Source: CoinGlass

At the same time, Solana’s Relative Strength Index (RSI) remains quite close to the bullish zone of 30 on a weekly scale. The technical analysis tool measures the speed and magnitude of recent price changes to give traders a potential idea about reversal points. It runs from 0 to 100, where readings below 30 signal the asset is oversold and due for a resurgence, while anything above 70 are interpreted as bearish territory.

SOL RSI
SOL RSI, Source: Crypto Waves

El puesto Solana (SOL) Sits at a ‘No Trade’ Zone as a Huge Move Looks Imminent: Analyst apareció por primera vez en CryptoPotato.

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