Cryptocurrency research firm MakroVision noted a potential shift in Solana’s price dynamics in its latest analysis, suggesting early signs of stabilization above $170.
The analysis points to a bullish divergence detected by the MVP ($0.00) indicator, which is the first signal that the downward pressure is easing.
MakroVision has identified the $159-$170 area as a strong support level that could form the basis for a potential recovery. While initial signs of stabilization are evident, a reversal in trend would depend on Solana breaking out of key resistance levels.
Key Resistance Levels by Analysis Firm:
- $188 and the green trend line: A break above this level could trigger a stronger recovery.
- $204 and red trendlines: This resistance cluster, marked by recent highs, is seen as crucial. A break above $204 would signal a clear uptrend.
Related News: Why Altcoins Can’t Make the Expected Mega Bullish Move? Analyst Reveals the Main Reason
According to the analytics firm, Solana’s current price action is pointing to a possible reversal, supported by a bullish divergence in the MVP indicator. However, a breakout of the $188 and $204 resistance levels will be essential for the upward momentum to gain traction.
Solana technical analysis chart published by MakroVision.*This is not investment advice.
Continue Reading: What to Expect Next for Solana Price? Analytics Company Claims “Bullish Divergence”, Shares Key Levels
