Solana’s Recovery Hangs on Breaking These Critical Levels

Solana (SOL) may be attempting a rebound after completing a key phase in its recent correction, according to a fresh analysis by MakroVision.

The firm’s earlier forecast of a bearish (c) wave playing out has materialized, with the price recently slipping further before attempting a modest recovery.

MakroVision’s technical outlook suggests that SOL remains in a corrective formation, marked by the (A)-(B)-(C) wave structure. While the latest movement hints at a recovery, analysts caution that the rally could be short-lived unless critical resistance zones are decisively breached.

The firm identifies $223 as the first major hurdle. With notable liquidity at this level, a breakout here would signal that bulls are regaining strength. Beyond that, $246 stands as the next resistance to clear, with a potential path to $270 if momentum builds.

On the downside, $198 and $193 serve as immediate support based on Fibonacci retracement levels. A drop below $188, however, could invalidate the recovery scenario and renew the downward pressure.

For now, Solana’s trajectory hangs in the balance. Whether this bounce evolves into a full-fledged rally or stalls as part of a prolonged correction will likely be revealed in the coming sessions.