\n\t\t\t\t\t\t\t\t\t“The longer the price stays in here, the more energy it builds for the eventual breakout,” Ali Martinez argued.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
Solana\u2019s native token has been trading in a tight range recently and remains suppressed below $100 due to ongoing bearish sentiment and macro headwinds.<\/p>\n
According to one popular analyst, though, this might be the calm before the storm, predicting an explosive move in the short term.<\/p>\n
Buckle up<\/h2>\n
As of this writing, SOL is worth around $86 (per CoinMarketCap\u2019s 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\u2019s performance is Ali Martinez, describing<\/a> anything within that range as a \u201cno trade\u201d zone.<\/p>\n \u201cChasing candles inside this consolidation often leads to being chopped up,\u201d he added.<\/p>\n<\/blockquote>\n Moreover, the analyst claimed that SOL\u2019s 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.<\/p>\n 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.<\/p>\n \u201cThis 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,\u201d Martinez concluded.<\/p>\n<\/blockquote>\n Earlier this week, Bitcoin\u2019s Bollinger Bands squeezed<\/a> 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.<\/p>\n 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.<\/p>\n At the same time, Solana\u2019s 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.<\/p>\n LIMITED OFFER for CryptoPotato readers at Bybit: Use this link<\/a> to register and open a $500 FREE position on any coin!<\/b><\/p>\n<\/div>\n<\/div>\n\n
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Mixed Signals From These Metrics<\/h2>\n
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