Solana has been on a roll lately as its price continues to make new all-time highs, decoupling from the rest of the cryptocurrency market in the process. Now, SOL must decisively close above $84 to target $100.
Solana just set a new all-time high.
The high-throughput blockchain’s SOL token has enjoyed an impressive bull rally over the last month. The tenth-largest cryptocurrency by market cap has gained more than 270% in market value, peaking at a high of $82 on Aug. 21 before a slight retrace.
The Tom DeMark (TD) Sequential indicator showed that a spike in profit-taking was underway as it presented a sell signal on the daily chart roughly 24 hours after SOL set a new record high. The bearish formation, which developed in the form of a green nine candlestick, was validated as SOL plummeted towards $66.