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The Solana price had a mixed performance over the past week, initially rising toward $90 before falling back to just above $85. According to a popular analyst on X, the altcoin is currently trading in an interesting zone, which could set the stage for a big price move.
SOL Price Currently Within No-Trade Zone
In an April 24 post on the social media platform X, crypto pundit Ali Martinez hypothesized that the Solana price is ready for a significant move from its current point. According to the market analyst, the price of SOL appears to already be building bullish momentum that would fuel its next significant rally.
The rationale for this price outlook is the contraction of the Bollinger Bands on the Solana three-day price chart. Typically, the Bollinger Bands are a technical analysis indicator used to evaluate market volatility and identify overbought or oversold conditions.
For instance, the Bollinger Bands often experience a “squeeze” (as seen in the highlighted Solana price chart) or contraction during low-volatility periods, typically preceding a sharp price breakout. As shown in the chart below, the indicator on the SOL 3-day chart is forming a tight range between $77 and $94.
Martinez noted that this Bollinger Band squeeze on the high timeframe could serve as a “coiled spring.” Comparing the indicator’s recent contraction to the mechanics of a coiled spring, the market analyst said that the longer the Solana price stays within the $77-$94 range, the greater the momentum it builds toward an eventual breakout.
While this optimistic outlook suggests a potential buying opportunity for investors, Martinez fired what seemed like a warning against taking a position around the current price region. According to the crypto analyst, the $77-$94 represents a “no-trade zone” for the Solana price.
Martinez wrote on X:
Chasing candles inside this consolidation often leads to being chopped up. Instead, we are looking for a clean 3-day candle close outside the bands that could trigger a volatility spike.
Ultimately, the Solana price seems poised for a major upward move over the coming months. Nevertheless, investors might want to exercise some patience when positioning for the next SOL move.
Solana Price At A Glance
As of this writing, the price of SOL stands at around $86.26, reflecting a mere 0.2% jump in the past 24 hours. According to CoinGecko data, the altcoin is down nearly 3% over the last 7 days.
Featured image from Getty, chart from TradingView
Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.
Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part – in fact, far from it.
Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.
When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.
Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books – ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.
Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.
Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time – he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.
Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon – cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment – spreading the crypto gospel to the rest of the world.
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