As the volatility in Bitcoin and altcoins continues, cryptocurrency analysis firm MakroVision has published its latest analysis for Solana.
Stating that the direction of Solana is still unclear, MakroVision said that the search for direction for the Solana (SOL) price continues.
Analysts noted that the SOL price is fixed at the 0.5 Fibonacci level and that SOL is currently moving within a triangle formation.
Based on this model, analysts said Solana will soon move in one direction, but that direction is still unclear.
Analysts pointed to $177 as the short-term bottom and should be defended. They added that a break below this level could take the price to $159.
Analysts, however, emphasized the importance of $204 in the long term, saying that Solana’s positive momentum would only resume if the price breaks above $204. In this case, SOL could rally back to $223, where the next major resistance level awaits.
Analysts recently noted that Solana is consolidating in a neutral structure after the sharp correction.
A clear breakout of Solana from the current triangle is likely to determine the next trend.
As a result, a rally above $204 will trigger a bearish downtrend below $188.”
*This is not investment advice.
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