Cryptocurrency analytics firm MakroVision has recently published its latest analysis of the price movements of Solana (SOL). Experts have observed that the previously identified corrective bullish structure has indeed materialized, resulting in another decline in an impulsive wave (c). While a recovery is currently underway, it is crucial for key resistance levels to be breached in order to sustain a rise.
According to MakroVision, the overall downtrend appears to be corrective within the (A)-(B)-(C) structure, indicating the potential formation of a short-term bottom. However, it is essential to determine whether a strong bullish impulse will follow or if the recovery is merely corrective.
In related news, analysts have identified the following areas as significant resistance and support levels:
– $223: This level represents a key resistance point with substantial liquidity. A breakthrough above this level would serve as the initial positive signal for a sustained recovery.
– $246: The next obstacle that must be overcome for the upside potential to continue towards $270.
– $198 (0.5 Fibonacci) and $193 (0.618 Fibonacci): These levels could potentially act as short-term support levels in the event of a pullback.
– $188: A highly important level. A drop below this point could trigger another downward movement.
*Please note that this information does not constitute investment advice.