What is the Future of Solana (SOL)? What Level Needs to Be Breached for a Rally?
In its latest assessment of Solana’s technical outlook, cryptocurrency analytics company MakroVision stated that the price is attempting to hold onto a key support zone, but the pressure has not yet fully subsided in the short term.
According to MacroVision, Solana is trading within a narrow price range while attempting to find equilibrium above a critical support area. The analysis notes that the price remains below prominent downtrend lines, indicating that the short-term technical outlook has not yet clearly turned positive.
According to the company, the first significant resistance level in upward movements is $85. This level is considered critical because it represents both a horizontal resistance zone and an area where the current downtrend continues to exert pressure. The $98 level is considered the last low point, and analysts believe that breaking above this level could significantly improve the technical outlook. On a broader scale, a move above $117 would strengthen the structure of the Solana recovery and add more quality to the uptrend.
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On the downside, the $75.5 to $78 range is currently identified as the most critical support zone. MacroVision notes that Solana has given the first signs of stability in this region, while warning that a downward break of this support could clearly strengthen the downward trend in the short term.
In its analysis of the chart structure, it was noted that Solana is moving within a narrow band just above support and has begun to form a small-scale upward pattern. However, it was also noted that the short-term outlook has not completely reversed as the price is still below the descending trend lines. MacroVision stated that a breakout from the current consolidation could determine the direction of the next strong price movement in Solana.
Solana technical analysis chart shared by MakroVision.
*This is not investment advice.
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