Solana Sees Weekly Buy Signal Amid Rebound
Solana's price has rebounded from the mid-$70s to about $95, according to analyst Jesse Olson. This recovery has set up a weekly buy signal for the cryptocurrency, which could be a sign of a trend reversal.
The setup is similar to a previous cycle in which Solana initially fell 35% after a weekly buy signal before eventually rising 991%. While this history does not guarantee a similar move, it shows why the current signal could matter if SOL is forming another long-term base.
The first major test for Solana will be around $108.76, where the chart's blue long-term trend indicator is positioned. If SOL can sustain a weekly move above that area, it would strengthen the case that buyers have regained control and turn the roughly 100-110 region into support.