‘Time To Be Cautious’: Trader Says Indicator That Perfectly Predicted a Rally on Solana Has Now Turned Bearish

Analyst and trader Ali Martinez is leaning bearish on Solana (SOL) as the sixth-largest crypto asset by market cap lies about 53% below the all-time high recorded in January.

Martinez tells his 134,300 followers on the social media platform X that the Tom DeMark (TD) Sequential indicator is flashing a bearish signal on the 12-hour time frame.

The TD Sequential indicator is used to identify potential price reversal points.

“The TD Sequential perfectly timed the Solana bottom, triggering a 20% rally. Now, it’s flashing a sell signal. Time to be cautious!”

Solana is trading at $138 at time of writing.

Turning to Dogecoin (DOGE), the crypto analyst and trader says the price trajectory of the largest memecoin by market cap will depend on two key levels – a support level at around $0.177 and a resistance level at about $0.207, based on the Unspent Transaction Output (UTXO) Unrealized Price Distribution (URPD) metric.

The URPD, which is used to analyze how coins are distributed based on the price at which they were last moved, helps in identifying key support and resistance levels. According to Martinez, about 8% of the total supply of Dogecoin was moved at the $0.177 price while about 7% of the total supply of the memecoin was moved at the $0.208 price.

Martinez further says that on the daily time frame, Dogecoin could turn bullish if the flagship memecoin appreciates by around 9% from the current level based on the SuperTrend indicator. The SuperTrend indicator is used to determine market direction and potential entry or exit points.

“The SuperTrend indicator suggests that Dogecoin could enter a bullish phase upon breaking the $0.21 resistance level.”

Dogecoin is trading at $0.193 at the time of writing.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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