Cryptocurrency analytics firm MakroVision has released a new report on Solana (SOL), assessing its recent price action following a sharp sell-off. While Solana is showing signs of stabilization, analysts are questioning whether this is the start of a real recovery or just a temporary technical bounce.
Solana showed the first signs of support by testing the 0.618 Fibonacci level at $118. However, the broader downtrend remains intact and SOL will need to break key resistance levels to confirm a bullish reversal.
According to MakroVision, the key price levels are as follows:
- $159: A strong resistance zone; a break above this level could trigger a larger recovery.
- $170 – $188: A critical area to confirm a trend reversal. Barring a breakout, Solana could remain in a bearish structure.
- $104 – $117: This “Golden Pocket” area has held firm so far and has provided significant support for SOL.
- At the time of writing, Solana is trading at $130.
*This is not investment advice.
