Cryptocurrency analytics firm MakroVision has released a new report on Solana (SOL), noting that the weakness in price action continues.
According to its latest technical assessments, SOL remains in a downtrend with no clear signs of a sustainable recovery.
MakroVision notes that Solana’s price has fallen significantly, moving more than 50% away from its all-time highs. While the asset recently experienced a sharp 40% recovery, it failed to break key resistance and was rejected at the green trendline, leading to another drop to previous lows.
Despite this bearish structure, the report identifies the potential for a higher bottom that could signal near-term stabilization. It outlines the following levels to watch:
- $170 and $188: A break above these resistance levels will be crucial to forming a potential bottom.
If Solana manages to break above these marks, it could signal a trend reversal with higher highs and higher lows.
*This is not investment advice.
