Key Insights:
- The monthly chart for Solana (SOL) crypto shows TD Sequential flashing a buy signal.
- The bear market could be ending if the TD Sequential plays out.
- Over $13M in long positions have been wiped out in the last 24 hours.
Solana crypto (SOL) traded near $74.17 after losing more than 3% over the past 24 hours, with short-term momentum remaining under pressure. The intraday chart showed lower highs and lower lows from roughly $76.70. SOL briefly tested $73.40 before recovering above $74. Trading volume reached $1.65 billion, while market capitalization stood near $43.2 billion.
Solana Crypto Monthly Chart Flashes Buy Signal
However, analyst Ali Martinez presented a different picture on Solana’s monthly chart. His chart showed SOL declining from above $245 late last year to about $76.62. Despite that fall, the TD Sequential has printed a monthly “9” buy signal.
The setup followed an extended bearish sequence and indicated weakening downside momentum. Since the signal appeared monthly, it carried more weight than shorter readings. Still, price confirmation remained necessary.
SOL first needed to reclaim the $80-$85 area. A sustained monthly close above $100 would support Martinez’s macro trend-shift view. Conversely, a break below the $70-$75 support zone would weaken the setup. That move could expose the lower chart region near $60.
However, as the crypto market often showcases highly volatile trading, investors should exercise due diligence while putting their bets. It’s worth noting that the support levels and targets are based on technical indicators and don’t guarantee future results.
SOL Price Earlier Trend Shift Met Heavy Resistance
Notably, Solana had already triggered another technical shift on July 12. The SuperTrend indicator on the three-day chart turned bullish. Its Average True Range trailing stop crossed below the price action. That marked the first SuperTrend buy signal since October 10.
The preceding sell signal tracked a 74% price correction. Meanwhile, exchange order books showed less available supply. Data showed 100 million SOL left exchange reserves between July 3 and July 11.
Simultaneously, 1.4 million new addresses joined the Solana network within three weeks, Token Terminal data showed. Those changes appeared as the price approached a major historical volume wall. That zone stood between the current market level and a macro expansion.
Long Solana Traders Absorb Most Liquidations
Elsewhere, CoinGlass data showed that long traders incurred most of the losses during the latest decline. Total SOL liquidations reached $14.37 million over 24 hours. Long positions accounted for $13.06 million, or about 91% of the total. Short liquidations reached $1.31 million.
The imbalance also appeared across shorter periods. Long liquidations totaled $7.66 million over 12 hours, versus $1.07 million for shorts. Over four hours, longs lost $5.16 million, while shorts lost $985,110.
However, the one-hour figures appeared more balanced. Long liquidations reached $78,990, compared with $55,660 in short liquidations. SOL also fell by 5.9% over seven days and by 8.9% over 14 days. Nevertheless, the token retained a 2.6% monthly gain.
