Cryptocurrency analytics firm MakroVision has recently published its latest analysis of the price movements of Solana (SOL).
Experts have observed that the previously identified corrective bullish structure has indeed occurred, resulting in another decline in an impulsive wave (c). Although a recovery is already in progress, it is crucial for key resistance levels to be broken in order to sustain a rise.
According to MakroVision, the overall downtrend is still corrective in the (A)-(B)-(C) structure, indicating that a short-term bottom may be forming. However, it is essential to determine whether a strong bullish impulse will follow or if the recovery is merely corrective.
In related news, Wall Street CEOs have reportedly been eagerly anticipating the development of Bitcoin and other cryptocurrencies. Analysts have identified the following key resistance and support levels:
– $223: This level is considered a significant resistance point with high liquidity. A breakthrough above this level would be the first positive signal for a sustained recovery.
– $246: The next hurdle that needs to be overcome in order for the upside potential to continue towards $270.
– $198 (0.5 Fibonacci) and $193 (0.618 Fibonacci): These levels could potentially serve as short-term supports in the event of a pullback.
– $188: This is a highly important level. If the price drops below this point, it could trigger another downward movement.
*Please note that this information is not intended as investment advice.
