In its latest technical analysis for Solana (SOL), cryptocurrency analysis firm MakroVision argued that the asset is at a significant resistance point.
The company stated that Solana had managed to break the long-standing downtrend, but certain levels needed to be overcome for the uptrend to be sustainable.
The following statements were included in the MakroVision analysis:
“Solana has entered a pause period after making a strong breakout above the red downtrend line. The price is currently trading just below the critical resistance zone located at around $159. This level will be decisive for future price action.”
According to the analytics firm, Solana has dynamically broken out of a months-long downtrend, with recent price action pointing to a potential trend reversal with higher lows and higher highs.
According to MakroVision, the $159 level is the most important area that needs to be overcome for the upward movement to continue. If this level is broken, the price is expected to rise to the $170 to $188 range.
According to analysts, the $146 level stands out as a significant support level in the short term and is currently being tested. Below this level, $136 is considered the next support area to be defended.
*This is not investment advice.
