The firm noted that Solana has generally maintained its trend of forming “higher lows,” but the recent recovery has been limited by weak and short-term countermoves.
According to MakroVision, the red trend lines currently represent a significant resistance zone. The analysis noted that it is difficult to establish strong upward momentum in the short term without a sustained break above this level. If Solana fails to maintain support in the $173-$180 range (0.5 Fibonacci retracement), the price risks a pullback to the “Golden Pocket” region around $155-$148.
Related News: Analytics Company CEO Predicts New Record Level for Bitcoin
On the other hand, MakroVision stated that a close above the $204 level could pave the way for Solana to stabilize again and an increase towards the $223-246 range, and that exceeding this level would signal a possible trend reversal.
In the conclusion, the analysis company included the following assessment:
Solana is signaling strength by forming higher lows in the short term, but bullish momentum remains limited. A move above 204 could generate new momentum, otherwise a correction could bring the Golden Pocket region back into focus.
*This is not investment advice.
Continue Reading: Danger of a “Golden Pocket” in Solana: Analysis Firm Says, “It Shouldn’t Fall to This Level”
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Author: NixCoin
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