What’s Next for Solana (SOL) in This Difficult Situation? Analysis Company Explains
Cryptocurrency analytics company MakroVision has shared its latest assessment of the Solana (SOL) chart.
According to the company, SOL signaled a significant weakening in its technical outlook with the break of the critical support zone between $117 and $126.
According to MakroVision, Solana’s price was clearly rejected from the $117–$126 range, which previously acted as strong support, and lost a central support area with the downward break of this region. It was noted that selling pressure was strong, and the price quickly retreated towards the next major key level.
A chart showing the recent price movements of SOL.
In the short-term outlook, SOL is trading significantly below its previous consolidation zones and is being pressured under the red descending trend channel. Following the loss of the $117 level, there is no sign of a lasting equilibrium in the market yet, and the price is currently searching for a new low.
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According to the analysis, the next major support zone on the chart is at the $85 level. This area stands out as a critical threshold for a potential rebound or reversal. While a technical recovery is possible in the short term, it is noted that regaining the lost support zones is necessary for this to be more than just a temporary “bounce”.
MacroVision suggests that the first strong signal of easing selling pressure could come with a rebound above $117. Above this level, $126 emerges as the next trigger point. However, according to the analyst, only after surpassing these two zones can the technical outlook significantly ease and the price gain the potential to move towards the resistance zone around $146 again.
*This is not investment advice.
Continue Reading: What’s Next for Solana (SOL) in This Difficult Situation? Analysis Company Explains
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