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In its latest technical analysis for Solana (SOL), cryptocurrency analytics company MakroVision stated that the price remains under pressure and that critical support and resistance levels retain their importance.
According to MacroVision’s assessment, the latest attempt at a recovery in Solana failed once again at the red resistance zone. Following this move, the price came under renewed downward pressure, retreating towards lower support levels. Analysts argued that the current outlook indicates that sellers continue to dominate the market.
In the short-term outlook, SOL is reportedly trading near the $126 level again. This area is currently a critical short-term support. MacroVision stated that a sustained break below $126 could further deteriorate the technical structure and lead to a pullback towards the recent lows around $117.
The analysis notes that the main obstacle in upward movements remains the downtrend structure. According to the analysis, only a clear break above the $144-148 range could create new upward momentum in Solana’s price. The high liquidity concentration in this region also increases the importance of a potential breakout.
MacroVision stated that in the current market structure, recovery movements are still in the nature of corrections, while downward movements are more pronounced. This is a technical indicator that sellers are still dominant in the market. It was noted that unless the downtrend line is broken or a strong upward momentum is established, attempts at upward movement are technically considered “counter-reactions”.
According to MacroVision, caution is advised as long as the Solana price remains below the red resistance zone. The $126 level is considered crucial in the short term, and a new upward breakout attempt could be possible if this support holds.
*This is not investment advice.