Solana (SOL) Price at Critical Turning Point: Analysis Firm Issues Warning

Cryptocurrency analysis firm MakroVision published its latest technical assessment for Solana (SOL), arguing that the price is at a critical threshold.

According to the company's statement, the corrective bullish structure indicated in previous analyses for Solana proved effective, but the price retreated again with an impulsive (c) wave. While a recovery is currently underway, it was stated that significant resistance levels must be overcome for the upward trend to become sustained.

According to the analyst firm, the overall downward movement in Solana is still corrective within the (A)-(B)-(C) formation. Analysts stated that the upcoming period will be decisive in determining whether an impulsive recovery will begin.

Analysts shared their views on critical resistance and liquidity zones as follows:

• $223: A strong resistance level combined with high liquidity. Breaking above it would be the first positive signal for a sustainable recovery.
• $246: A breakout of this level could open the rally towards the $270 target.
• $198 (0.5 Fibonacci) and $193 (0.618 Fibonacci): First defensive zones in case of possible pullbacks.
• $188: Offers strong support. However, a drop below this level could trigger a new downward wave.

Technical analysis chart shared by MakroVision.

MakroVision noted that Solana is trading just below critical resistance levels, adding that an impulsive break above $223 would be a turning point for bulls. Otherwise, the price could retest the $188 support level, he warned.