Cryptocurrency analysis firm MakroVision published its latest analysis for Solana (SOL), stating that the technical outlook for Solana remains weak.
He noted that Solana recently broke out of its uptrend line, indicating significant weakness.
Analysts stated that after the trend line was broken, the Solana price fell to the 0.5 Fibonacci level, approximately $173, and that the price recovered slightly, but the overall structure remained weak.
The breakout that analysts predicted occurred during the major crash last Friday.
Analysts, who didn't paint an optimistic picture for Solana, shared their short-term and long-term forecasts. Accordingly, they noted that the area between $192 and $188 for the SOL price acts as short-term support.
Analysts predicted that Solana could rise again if this zone is maintained, pointing to $204 and $223 as resistance levels.
On the other hand, failure to defend this zone may cause the Solana price to decline to the lower support level around $159.
“The first hurdles for Solana are located at $204 and $223, with both areas currently acting as critical resistance.”
It was stated that if the bulls gain the $223 level and stay above this level, the Solana price may experience a recovery towards $246 – $264.
Analysts recently noted that Solana, like other altcoins, is experiencing a rapid correction and has already reached important support levels.
Analysts predict that if Solana holds the $192-$188 range, the larger bullish scenario remains intact. However, a sustained correction could see Solana test the lower support area around $159.