Mini-Rally in Solana (SOL) or More to Come? Here is the Latest Situation Analysis

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