Analyst Mags highlights two potential scenarios for Solana (SOL) price movement: a strong rebound toward new highs or a gradual decline below crucial support levels. 20-day EMA near $133 now acts as key resistance, while the SOL token currently sits near crucial technical support around $117. A recent breakout above its 20-day EMA was met with resistance, highlighting potential for further price action. Mags notes that the token’s recent peak at $295 has been difficult to sustain. Analysts are watching closely as the token tests a critical horizontal support level near $117 – a level that has historically held strong and aligns with the 1.618 Fibonacci retracement level. This level is key in determining Solana’s future trajectory.