Analytics firm MakroVision has released a report on Solana, assessing its price movement after a sharp sell-off. The article explores whether a real recovery has begun or if this is just a temporary bounce.
Initial Signs of Stabilization for Solana
Solana is showing initial signs of support by testing the 0.618 Fibonacci level at $118. However, the broader downtrend remains, and Solana will need to break key resistance levels to confirm a bullish reversal.
Key Price Levels for Trend Reversal
According to MakroVision, the key price levels are as follows:
* $159: A strong resistance zone; a break above this level could trigger a larger recovery. * $170 – $188: A critical area to confirm a trend reversal. Barring a breakout, Solana could remain in a bearish structure. * $104 – $117: This “Golden Pocket” area has held firm so far and has provided significant support for SOL.
Current Price and Potential Scenarios
At the time of writing, Solana is trading at $130. This indicates signs of stabilization, but confirming a trend change requires looking at the broader market context and resistance levels.
While Solana is showing signs of stabilization, analysts caution that the market situation remains uncertain. Confirmation of a reversal requires breaking through specific resistance levels. Investors should stay alert and consider all possible market development scenarios.
