Cryptocurrency analytics firm MakroVision Research analyzed the price performance of Solana (SOL) in a recent statement.
After an impressive rally, Solana is currently consolidating sideways and stabilizing above the key support at $246.
According to the analyst firm, the resistance levels in Solana are as follows:
- $270: The upper boundary of the ascending triangle and the liquidity zone. Breaking above this level could be a strong bullish signal.
- $295: Current all-time high that represents the next target in case of a breakout.
According to analysts, Solana's support levels are as follows:
- $246: A key support reinforced by a green trendline.
- $232: 0.5 Fibonacci retracement level that provides additional support in case of a possible correction.
- $217: The 0.618 Fibonacci retracement level, which is another key sign in case of a deeper pullback.
Analysts at MakroVision Research expect Solana to be on the verge of a decisive move. A breakout above $270 could spark strong momentum and push the price to all-time highs of $295 and beyond.
*This is not investment advice.
