Solana (SOL) has entered a critical technical phase following a sharp pullback from its recent highs, according to a new chart update by MakroVision Research. The asset, which broke below its red upward trendline, dropped to the 0.5 Fibonacci retracement level near $173 before finding temporary support and staging a modest rebound.
While short-term relief has emerged, analysts caution that Solana’s broader market structure remains technically weakened until key resistance levels are reclaimed.
Key Support Zone: $192–$188
MakroVision identifies the $192–$188 range, aligned with the 0.382 Fibonacci retracement, as Solana’s immediate bullish defense zone. This cluster is viewed as a critical area where buyers must hold the line to prevent further downside momentum.
If this support holds, Solana could stabilize and reattempt a move higher. However, a sustained drop below $188 would likely confirm renewed selling pressure, opening the path toward the next major support zone near $159.
Resistance Levels to Watch
On the upside, initial resistance now stands at $204, followed by a stronger ceiling around $223. Analysts note that only a decisive breakout above $223 would allow bulls to regain market control, potentially setting up a recovery move toward the $246–$264 zone, where the previous structural high resides.
Until then, Solana remains in a neutral-to-cautious technical posture, with momentum indicators showing that the token is still digesting the recent market-wide correction.
Price Action and Market Context
At the time of writing, Solana trades at $195.01, marking a 2.59% daily decline with 24-hour trading volume down 30.7% to $9.6 billion, according to CoinMarketCap data. The intraday chart shows a clear transition from early strength above $200 to steady selling pressure throughout the U.S. trading session, confirming short-term bearish control.
Outlook
MakroVision’s conclusion is balanced: Solana’s rapid retracement has already reached key technical supports, suggesting downside exhaustion may be near. Still, failure to defend the $192–$188 region could trigger a deeper correction phase.
In short, the coming days are likely to define whether Solana resumes its broader uptrend or slides into extended consolidation, with $188 as the key level traders are watching closely.