Cryptocurrency analytics firm MakroVision has released its latest assessment of Solana (SOL ($198.56)) price movements.
Experts note that the previously identified corrective bullish structure has materialized, leading to another decline in an impulsive wave (c). While a recovery is already underway, key resistance levels need to be broken for a sustained rise.
According to MakroVision, the overall downtrend remains corrective in the (A)-(B)-(C) structure, suggesting that a short-term bottom may be forming. However, it remains crucial to determine whether a strong bullish impulse will follow or if the recovery is merely corrective.
Graphic analysis shared by MakroVision.Related News: The Bitcoin and Cryptocurrency Development Wall Street CEOs Have Been Waiting For Is Allegedly About to Happen
Analysts cited the following areas as key resistance and support levels:
- $223: A key resistance level with high liquidity. A break above this level would be the first positive signal for a sustained recovery.
- $246: The next hurdle that needs to be cleared for the upside potential to continue towards $270.
- $198 (0.5 Fibonacci) and $193 (0.618 Fibonacci): These levels could act as short-term supports in case of a pullback.
- $188: A very important level. A drop below this point could trigger another downward move.
*This is not investment advice.
Continue Reading: Where are the Critical Resistance and Support Levels in Solana Price: Experts Share Technical Analysis
