What’s the Latest on Solana? Analysis Firm Issues Warning – “It Shouldn’t Fall Below This Level”

Cryptocurrency analysis firm MakroVision has published an updated technical assessment of the Solana (SOL) price.

According to the analysis, the sharp correction movement that started after SOL tested above $250, along with the downward break from the rising wedge formation, increased the selling pressure on the stock markets.

According to the analysis, the downside breakout from the rising wedge formation produces a bearish signal in the short-term outlook, with the loss of the $223 level, this area has now become a strong resistance.

The company stated that SOL is currently testing the 0.382 Fibonacci retracement point at $192, and that maintaining this area could pave the way for a short-term rally. However, if the price breaks below $192, the 0.5 Fibonacci support level at $174 will be critical. A break above this level could trigger a deeper pullback to the “golden pocket” region, which extends from $159 to $148.

Related News: JPMorgan Reveals Its Forecast on the Fed’s Interest Rate Cuts and Discusses the US Economy

On the other hand, it was stated that if $204 is regained, the price may test the $223 resistance area, and only if it is sustained above this level, the bulls may take control and target the $246–264 band.

MakroVision stated that Solana’s bullish structure is maintained in the medium and long term, but the $192–174 range, which stands out as the critical defense line in the short term, is the main region that will determine the direction of the price.

At the time of writing, SOL is trading at $201.

*This is not investment advice.

Continue Reading: What’s the Latest on Solana? Analysis Firm Issues Warning – “It Shouldn’t Fall Below This Level”