Solana has shown a notable recovery since the start of the year, climbing more than 40% from its February bottom and aligning with the earlier outlook shared by market expert More Crypto Online.
The market watcher said the first-quarter projection for Solana continues to unfold as expected and added that a new forecast for the second quarter will soon follow.
Solana’s recent price action shows a shift in momentum after months of selling pressure. Earlier this year, the asset rebounded from its lows, reflecting renewed buying interest and helping stabilize market sentiment after the previous cycle’s peak decline.
Despite the recovery, the broader chart suggests the market may still be in a larger correction. The four-day SOL/USD chart shows a completed five-wave bullish impulse that previously pushed the price into the $240–$260 range.
Source: X
After reaching that level, the trend reversed, and the market entered a corrective phase, reshaping the overall price structure.
Also Read: Solana Flashes Bullish Signal as SuperTrend Turns Positive After 2 Months
Elliott Wave Structure Signals Ongoing Correction
The initial rally resulted in waves (i) through (v), making wave 3 the strongest in terms of momentum. Once wave 5 reached a peak, a corrective move in an ABC pattern began.
Wave A resulted in a steep fall, breaking important support levels, followed by wave B, which is a pullback. Using Fibonacci levels, wave B can rise to between $216 and $251. Finally, wave C can also make a deeper pullback to support at $74, then $48 if that breaks.
Solana Consolidation Range Signals Possible Trend Shift
Although the chances for a larger drop are still possible, the short-term chart for the daily timeframe looks quite different. After being in a decline for months from the $160 to $170 area, the price of Solana has entered a sideways movement.
It has been ranging between the $80 support and $95 resistance levels, forming a flat area. This type of movement is common when the asset is trying to find its bottom after a long period of decline.
Analyst Bluntz explained that Sol has often been pushed back to near the top of its range. However, he also thinks that this might not happen in the near future as the overall crypto market is improving.
Source: X
This can also be seen through technical factors, as the Relative Strength Index is rising towards 60 after a bounce from oversold levels earlier this year. Moreover, the moving averages remain above the current price, indicating that the trend has not changed.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Solana (SOL) Bounces from Key Support: Is a Rally Toward $1,000 Possible?
