Solana’s Price Recovery: Key Levels to Watch for a Strong Comeback
Solana (SOL) Faces Critical Resistance Levels Amid Recovery Efforts
Overview of Solana’s Current Market Position
Recent analysis from MakroVision indicates that Solana (SOL) may be on the verge of a rebound following a significant correction phase. The firm’s previous predictions of a bearish (c) wave have come to fruition, with SOL’s price experiencing a decline before showing signs of a modest recovery.
Technical Analysis and Market Outlook
According to MakroVision’s technical assessment, SOL is currently navigating a corrective phase characterized by an (A)-(B)-(C) wave structure. While the latest price movements suggest a potential recovery, analysts warn that any upward momentum could be fleeting unless key resistance levels are decisively surpassed.
Key Resistance Levels to Watch
The analysis highlights $223 as the initial major resistance point. A breakout at this level, where significant liquidity is present, would indicate that bullish sentiment is strengthening. Should SOL manage to overcome this hurdle, the next resistance to monitor would be $246, with a possible trajectory leading towards $270 if buying momentum continues to build.
Support Levels and Potential Risks
On the downside, immediate support levels are identified at $198 and $193, based on Fibonacci retracement analysis. A decline below $188 could jeopardize the recovery scenario, potentially reigniting downward pressure on the asset.
Conclusion: Solana’s Future Trajectory
At this juncture, Solana’s market trajectory remains uncertain. The coming sessions will be crucial in determining whether the current bounce will develop into a sustained rally or if it will falter as part of an extended corrective phase. Investors and analysts alike will be closely monitoring these critical levels to gauge the future direction of SOL.
