Cryptocurrency analytics firm MakroVision has published the latest technical assessment of Solana (SOL ($196.63)), outlining key resistance and support levels for the asset that is trading just below $200.
According to the analyst firm, Solana remains in a weak position, facing strong resistance as it struggles to gain bullish momentum. The key question is whether the ongoing recovery can sustain the upward move or if another downward correction is imminent.
The current recovery is stuck below the red trendline and is facing significant resistance. A strong breakout is necessary to regain bullish momentum, analysts say.
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Here are the likely support and resistance levels for the Solana price according to analysts:
- $209-212: An important liquidity zone aligned with the red trend line. A break here could pave the way for further gains.
- $223: A historically significant resistance level. A sustained move above this level could open the door for a rally to $246.
- $188: A strong support level reinforced by the underlying liquidity zone.
At the time of writing, SOL is trading at $197.
*This is not investment advice.
Continue Reading: What Level Needs to be Breached to Spark a Major Rally in Solana? Analysis Company Publishes Latest Technical Analysis
