Cryptocurrency analysis company MakroVision has evaluated the latest developments in the Solana (SOL) price.
According to the company’s statement, the expectation of a strong upward movement that they pointed out on April 9 has come true and Solana is moving towards the designated orange target zone ($160-$188).
Recovery Process and Bullish Signals
According to the analyst firm, Solana entered a strong recovery process after forming a base at the support area around $96. The rapid breakout of the red downtrend line gave the first strong bullish signal. Then, in line with the analyzed scenario, a V-shaped recovery occurred with an increase of more than 50%.
Resistance Zone and Price Direction
Solana is currently approaching the strong resistance zone between $170 and $188, where key Fibonacci levels and notable resistances intersect, and according to the analyst firm, this marks the first major decision on the price’s direction.
Current Trading Status
At the time of writing, Solana is trading at around $149. Over the past month, the price of SOL has fallen to just below $100.
Monitoring Future Developments
MakroVision said they will continue to monitor whether Solana will encounter resistance in the target area or experience a sustained trend reversal with higher highs and lows.
*This is not investment advice.
