Cryptocurrency analytics firm MakroVision has released a new report on Solana (SOL), noting that the weakness in price action continues.
According to its latest technical assessments, SOL remains in a downtrend with no clear signs of a sustainable recovery.
MakroVision notes that Solana’s price has fallen significantly, moving more than 50% away from its all-time highs. While the asset recently experienced a sharp 40% recovery, it failed to break key resistance and was rejected at the green trendline, leading to another drop to previous lows.
Solana technical analysis chart shared by MakroVision.
Despite this bearish structure, the report identifies the potential for a higher bottom that could signal near-term stabilization. It outlines the following levels to watch:
- $170 and $188: A break above these resistance levels will be crucial to forming a potential bottom.
If Solana manages to break above these marks, it could signal a trend reversal with higher highs and higher lows.
*This is not investment advice.
