Solana's short-term recovery prospects hinge on overcoming critical resistance levels at $96 and $110. Currently, Solana is in a consolidation phase, with analysts suggesting a potential corrective recovery is forming. The Elliott Waves Academy indicates a possible short-term recovery pattern as a complex double zigzag, aiming to repair recent downward momentum.
For a confirmed recovery, Solana must decisively break above the current diagonal pattern and clear resistance from the previous bearish wave. Success in these areas could target the 50%-61.8% Fibonacci retracement zone, with potential extension to the 78.6% level. However, failure to surpass these resistances could lead to further corrective moves.
MCO Global DE highlights Solana's range-bound trading, with key support levels at $81.28 and a significant band between $71.92 and $77.96. A breakout above $96, and eventually $110, is necessary for a stronger bullish confirmation. Until these levels are breached, Solana remains vulnerable to deeper corrections.
Solana's Recovery Dependent on Breaking Key Resistance Levels
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