What to Expect Next for Solana (SOL) Price? Analysis Firm: “The Situation is Critical, Only If It Breaks Above This Level Will The Uptrend Be Confirmed!”

Solana (SOL), which rose above $250 in September, fell to $120 with the sharp declines.

However, with the recent recovery, an updated analysis has arrived for Solana, which has reached the $140 level.

Cryptocurrency analysis firm MakroVision published its latest analysis for Solana (SOL), stating that the technical outlook for Solana remains weak.

Stating that SOL continues to remain in a tense market environment, the analysis firm stated that the recovery started with a very weak reaction.

The short-term outlook remains fragile, the analyst firm said, adding that the structure of the past few days suggests a series of lower highs.

While Solana is recovering, analysts noted that the reaction at the central support level remained quite weak, saying that the $126-$128 range is still extremely important.

It was stated that a downward break of this range would cause further decline, but on the other hand, a break above $145 in the short term would be the first positive signal for the rise.

Pointing to $159 for the rise, the analysis firm stated that as long as the price remains below this level, the medium-term trend is downward.

“Solana is currently floating dangerously above one of the most important support levels of the year.

Unless there is a swift recovery above the fading red downtrend line at $159, the medium-term structure remains clearly bearish.

Only a break above the $159 resistance will be the first bullish signal, potentially opening up a rally towards $188 and above.

However, a retest or breakout of the $126-$128 level would significantly increase the risk of a deeper correction.”

*This is not investment advice.

Continue Reading: What to Expect Next for Solana (SOL) Price? Analysis Firm: “The Situation is Critical, Only If It Breaks Above This Level Will The Uptrend Be Confirmed!”