Cryptocurrency analytics firm MakroVision has released a new report on Solana (SOL), noting the ongoing weakness in price action.
Overview of MakroVision Report
According to its latest technical assessments, SOL remains in a downtrend with no clear signs of a sustainable recovery.
Current Price Dynamics of Solana
Solana’s price has fallen significantly, moving more than 50% away from its all-time highs. While the asset recently experienced a sharp 40% recovery, it failed to break key resistance and was rejected at the green trendline, leading to another drop to previous lows.
Potential for Stabilization
Despite this bearish structure, the report identifies the potential for a higher bottom that could signal near-term stabilization. The following levels to watch are $170 and $188: a break above these resistance levels will be crucial to forming a trend reversal.
Although Solana is in a downtrend, monitoring the key resistance levels might help investors assess potential changes in the market.
