Cryptocurrency analytics firm MakroVision has assessed Solana’s current market outlook.
In the analysis, it was stated that Solana received a strong reaction from the 0.618 Fibonacci support at the $ 118 level, and that critical resistance levels must be overcome in order for the upward movement to continue.
According to analysts, the current situation is as follows:
- The reaction from the “Gold Pocket” region ($117–118) gave Solana short-term bullish momentum.
- However, it would take about 10% to reach the first major resistance at $159.
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MakroVision lists the critical areas ahead for Solana as follows:
- $159 level: Breaking this point could open up space for the price to rally towards the $188 level.
- $188 level: It is seen as the last major hurdle before a possible structure change.
- As long as the $117 level is maintained, the technical structure may remain positive in the short term. Breaking this level may open the door to a new wave of decline towards the $104 level.
Solana is showing signs of a strong recovery, but a definitive trend reversal requires a breakout above $159. For now, the move is considered a technical bounce, but it is noted that momentum is gradually increasing.
*This is not investment advice.
Continue Reading: Mini-Rally in Solana (SOL) or More to Come? Here is the Latest Situation Analysis
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Author: NixCoin