According to the report, Solana broke down from its previously formed triangle formation and subsequently fell to the Golden Pocket region between $155 and $147. While there was an initial reaction from this region, MakroVision stated that the “reaction was weak and far from convincing.”
Analysts also noted that the $159 level has yet to be reclaimed permanently, stating that the current structure remains “critical and fragile.” The continued lower highs on the Solana chart create a picture where bearish momentum remains dominant.
MakroVision notes that there are multiple layers of short-term liquidity just above the current price, and these areas could pull the price in and trigger a short-term recovery.
Related News: Altcoin Listed on Major Exchanges Announces Transaction Fee and Burn Notice
Despite this, analysts say that real relief in the technical outlook will only be possible if the $188 level is quickly retaken. If this happens, the path could open to the following levels:
- 204 dollars
- $223
However, MakroVision also issued a warning:
If the Solana recovery remains weak and the price fails to break above $188, the trend is expected to remain in bearish territory in the medium term. The most notable support area in this scenario is $128.
*This is not investment advice.
Continue Reading: What to Expect Next for Solana (SOL) Price? “But If It Returns to This Level, It Will Recover”
Go to Source
Author: NixCoin