Solana (SOL) long-term Elliott Wave view looking for $383 – 561 area

We recently added 3 new Cryptocurrencies to our coverage. Our current cryptocurrencies service now covers  Bitcoin (BTCUSD), Ethereum (ETHUSD), Dogecoin (DOGE), Solana (SOL), Ripple (XRPUSD) and Binance Coin (BNBUSD). Cryptocurrencies have been rallying since forming a low back on April 7, 2025. Today, we look at the long-term Elliott wave view and next targets for Solana.

Solana (SOL) weekly Elliott Wave view

Solana weekly chart below suggests cycle from all time low ended at 267.52 on 8 November 2021. This was followed by a 3 waves pull back which ended in December 2022 around $10 mark. Rally then resumed again and SOL crypto went on to make a new high above November  2021 peak to create an incomplete bullish sequence. Rally from December 2022 low was impulsive with an extended wave (( 3 )) and ended in January 2025 at $295.31.

We then saw a sharp correction to $95.31 which ended on April 7, 2025. Cryptocurrency has been rallying since April 7, 2025 low and is currently trading at $175.04. As far as January 2025 high remains intact, there is possibility of a double three correction lower before the rally resumes. However, we can see 5 waves up from April 7, 2025 low which supports the idea that low should hold for at least 1 more leg higher.

January 2025 high needs to break to confirm that next leg in the form of wave III of ( III) is in progress. Ideal  targets for wave III of ( III) would be $383 – $561 area which is 100 – 161.8 Fibonacci extension area of wave I related to wave II.

Solana (SOL) daily Elliott Wave view

Solana daily chart below shows rally from April 7, 2025 ($96.58) is already showing 5 waves up. However, while below wave 4 low, we can see further extension in wave 5. As dips hold above $96.58, expect the rally to continue for a new high above January 2025 peak or one more leg higher at least.