Latest Solana (SOL) Technical Analysis by MakroVision

Cryptocurrency analysis firm MakroVision has released its most recent technical evaluation for Solana (SOL), indicating that the price is currently at a crucial threshold.

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As per the firm’s insights, the previously noted corrective bullish structure for Solana has proven effective. However, the price has retraced once more with an impulsive (c) wave. While a recovery appears to be underway, it was emphasized that significant resistance levels must be cleared for the upward trend to sustain itself.

Current Market Trends for Solana

According to the analysts, the prevailing downward movement in Solana remains corrective within the (A)-(B)-(C) formation. They pointed out that the upcoming period will be vital in determining whether an impulsive recovery will begin.

Analysts shared their insights on critical resistance and liquidity zones as follows:

$223: A substantial resistance level paired with high liquidity. A break above this would signal the first positive indication for a lasting recovery.
$246: A breakout at this level could unleash a rally towards the $270 target.
$198 (0.5 Fibonacci) and $193 (0.618 Fibonacci): Initial defensive zones in the event of potential pullbacks.
$188: Provides strong support; however, a fall below this level could initiate a new downward wave.

MakroVision highlighted that Solana is trading just beneath critical resistance levels, adding that a decisive break above $223 would serve as a turning point for bullish momentum. Conversely, they cautioned that if the price does not break above this level, it could retest the $188 support zone.