Solana's price trend suggests a potential increase to $332, with a possible subsequent jump to $351.
Solana (SOL) is currently exhibiting a bullish Elliott Wave pattern, primarily in the middle of an impulsive Wave 3, with Fibonacci projections supporting upward price targets ranging from around $200 to $351.
The current trading price of SOL is near $184.08, posting a 2.07% daily gain. According to Elliott Wave analysis, initial Wave 3 targets are around $206.5 to $220, derived from a 1.618 Fibonacci extension and the measured length of Wave 1 (~$38 rise from $122 to $160), suggesting Wave 3 may equal or exceed Wave 1's magnitude.
Later unfolding Elliott Wave patterns indicate a classic five-wave impulse with targets extending much higher to $332 and $351, using Fibonacci extensions at 2.618 and 3.618 levels calculated from historical price structures. Intermediate Fibonacci extension targets also include $214 and $250, with $206 identified as important resistance and $155 as critical short-term support.
Immediate support sits near $160, which corresponds to the recent breakout level; holding above this zone maintains the bullish thesis. A more critical invalidation level is slightly below $145; a break here likely signals failure of the breakout and may trigger corrective waves. Another support noted around $149 confirms a lower boundary for sustained upward momentum in the context of the five-wave structure.
The $205–$220 zone is key, acting as the probable completion area for Wave 3 and a resistance cluster. $206 has been a point where sellers took control previously, so a break above it would strongly confirm bullish continuation. Higher resistance levels near $249 and $332 become relevant if SOL surpasses intermediate targets, with $249 noted as a breakout accelerator.
Momentum is supported by bullish signals such as the formation of a golden cross (50-day moving average crossing above 200-day). RSI and stochastic oscillator readings align with the bullish wave patterns. The setup is considered stable as long as Bitcoin remains stable, and underlying sentiment is supported by ETF inflows and whale accumulation. Chart patterns like cup-and-handle and channel structures further bolster confidence in upward potential.
In summary, Solana's price action is structurally poised for continued gains, with near-term targets around $200-$220, followed by more ambitious Fibonacci-based targets up to $332-$351 if momentum persists. Support at $160-$155 is crucial to maintain the bullish wave count, while falling below $145 would jeopardize this setup.
- Investing in Solana (SOL) could potentially yield high returns given its current bullish Elliott Wave pattern, primarily in the middle of Wave 3, with Fibonacci projections supporting price targets ranging from around $200 to $351.
- The current cryptocurrency market is replete with opportunities, and the token-based finance sector, such as Solana, is showing significant growth potential, driven by advancements in technology.
- As the technology behind cryptocurrency continues to evolve, investing in projects like Solana becomes increasingly interesting, especially when a potential target price range of $332-$351 is projected by Elliott Wave analysis based on Fibonacci extensions, RSI readings, and historical price structures.
