Solana (SOL), which rose above $250 in September, fell to $120 with the sharp declines.
However, with the recent recovery, an updated analysis has arrived for Solana, which has reached the $140 level.
Cryptocurrency analysis firm MakroVision published its latest analysis for Solana (SOL), stating that the technical outlook for Solana remains weak.
Stating that SOL continues to remain in a tense market environment, the analysis firm stated that the recovery started with a very weak reaction.
The short-term outlook remains fragile, the analyst firm said, adding that the structure of the past few days suggests a series of lower highs.
While Solana is recovering, analysts noted that the reaction at the central support level remained quite weak, saying that the $126-$128 range is still extremely important.
It was stated that a downward break of this range would cause further decline, but on the other hand, a break above $145 in the short term would be the first positive signal for the rise.
Pointing to $159 for the rise, the analysis firm stated that as long as the price remains below this level, the medium-term trend is downward.
“Solana is currently floating dangerously above one of the most important support levels of the year.
Unless there is a swift recovery above the fading red downtrend line at $159, the medium-term structure remains clearly bearish.
Only a break above the $159 resistance will be the first bullish signal, potentially opening up a rally towards $188 and above.
However, a retest or breakout of the $126-$128 level would significantly increase the risk of a deeper correction.”
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/what-to-expect-next-for-solana-sol-price-analysis-firm-the-situation-is-critical-only-if-it-breaks-above-this-level-will-the-uptrend-be-confirmed/
