Solana’s Technical Analysis: Key Support Holds Amid Ongoing Bearish Trend

Overview of Solana’s Market Position

Recent insights from MakroVision reveal that Solana (SOL) has managed to maintain a crucial support level between $126 and $131, bouncing back from the Golden Pocket and the lower edge of its descending trend channel. This rebound has initiated a technical uptick, yet the overarching downtrend continues, indicating that bullish momentum is still needed.

Critical Support Levels and Market Dynamics

MakroVision’s analysis outlines three significant observations:

1. Initial Response at Support Levels

• The range of $126 to $131 has proven to be a vital support zone, coinciding with the Golden Pocket and the trend channel’s lower boundary.
• Currently, the price is testing resistance near $150. A successful breakout here could signal an early bullish trend, although confirmation is still awaited.

2. Persistent Bearish Trend

• The prevailing downtrend remains evident, characterized by a series of lower highs and lower lows.
• For Solana to initiate a genuine bullish reversal, it must reclaim levels above $158 and $168, which represent previous lower highs.

3. Upcoming Market Watchpoints

• A breakout above the $150 resistance could pave the way for a more extensive recovery.
• Conversely, failing to surpass this resistance may redirect focus back to the $135–$131 support zone. A breach below this level could lead SOL to decline toward $117.

Future Outlook: A Pivotal Moment for Solana

MakroVision emphasizes that while Solana has defended a significant technical area, the trendline remains unbroken. The critical question now is whether the bulls possess the strength to push past resistance and generate sustained momentum. The current price movements represent a crucial juncture for Solana; without a breakout above the channel, the bearish trend is likely to persist, keeping $117 as a significant downside target.

Author Information

Kosta Gushterov
Reporter at Coindoo

Kosta has been a dedicated member of the team since 2021, known for his insatiable curiosity and commitment to delivering quality content. He covers a wide array of trending topics and produces reviews, PR articles, and educational materials, with his work frequently cited by other media outlets.

Disclaimer: This article is provided for informational purposes only and does not constitute financial advice. Readers are encouraged to conduct their own research before making any investment decisions.