In its latest technical assessment of Solana (SOL), cryptocurrency analysis firm MakroVision stated that the correction structure predicted in their previous analysis has come true and the price has declined further with the bearish (c) wave. The company said that Solana currently appears to be in a recovery phase, but critical resistance levels need to be overcome for this move to turn into a sustained rally. According to the analysis, the overall downward pattern in Solana remains corrective, defined by the blue (A)-(B)-(C) formation. This structure may be completed in the short term. However, whether the recovery will transform into an impulsive, strong, and sustainable upward wave will become clear in the coming days. If the recovery is merely a new corrective wave, the current uptrend may be limited. Technical analysis chart shared by MakroVision. Related News: JUST IN: UK Allegedly Plans to Sell $5 Billion Worth of Bitcoin - Is This the Reason for the Decline? MakroVision notes that the $223 level, in particular, represents a strong resistance area with high liquidity. A break above this level could be the first sign of a sustained upward trend. After $223, the next significant hurdle is $246. A break above this level could trigger a move towards the $270 region for Solana. Meanwhile, support levels to watch in the event of a potential pullback are also being carefully considered. $198 (0.5 Fibonacci) and $193 (0.618 Fibonacci) are seen as short-term support zones, while $188 is considered a strong support level. A break below this level could see Solana re-enter a downtrend and test lower levels. *This is not investment advice. Continue Reading: What Lies Ahead for Solana (SOL) Prices? Analysis Company Releases Technical Analysis
