Cryptocurrency analytics firm MakroVision assessed Solana’s price action, noting that the asset has reached its lowest levels since August 2024.
The main question on analysts’ minds now is: Is there a reversal in sight, or will the decline continue?
Solana (SOL ($134.10)) remains in a downtrend, forming lower highs and lower lows while holding below falling trendlines. Despite showing some signs of a short-term recovery, the price is still below key resistance levels.
MakroVision analysts explained the key levels in Solana price as follows:
- $159: A critical level that will determine whether the recent recovery is just a technical bounce.
- $170-$188: A break above this range could signal a potential trend reversal.
- $104 – $117: This area, known as the golden pocket, gave the first reaction. Holding above this area is essential for a potential trend reversal.
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As a result, Solana showed a small recovery, but the broader trend remains bearish. A sustained break above $159 could be the first strong bullish signal. Otherwise, the risk of another liquidity test and a return to lower support levels remains.
*This is not investment advice.
Continue Reading: Is the Recovery in Solana (SOL) Permanent or Could Further Declines Be Coming? Analytics Firm Reveals Critical Points
