Solana (SOL) is showing a bullish technical configuration that has drawn attention from traders and analysts, with potential price targets set at $332 and a possible extension toward $351. Current analysis of the four-hour chart indicates the token is forming a classic five-wave Elliott Wave pattern, suggesting a continuation of the upward trend. The price is currently trading near $184.08, with a 2.07% daily gain, aligning with the projected bullish wave count [1].
The structure has developed from a recent low near $139.17, building a strong base before entering a rally. The first impulse wave reached $208.31, a level that corresponds to the 0.618 Fibonacci retracement of a prior move. A corrective phase is forming wave two, followed by what appears to be an advancing wave three in progress. Analysts have identified $249.10 as an immediate target and $332.67 as a broader objective for wave three completion [1].
The potential for a long-term move to $351.88 is also under discussion, based on Fibonacci extension levels derived from the rally’s foundational structure. This projection assumes sustained momentum and successful breakouts at key resistance points. The volume profile supports the technical setup, with significant trading activity observed around the $149 and $184 levels, indicating these as critical zones of interest [1].
Support and resistance levels play a key role in validating the bullish scenario. The immediate support zone is located around $149.00, a level that must be maintained to preserve the upward trend. On the resistance side, the first major hurdle is at $187.99, followed by $208.31. A clean break above these levels would confirm the continuation of wave three and reinforce the bullish outlook. A move beyond $249.10 would accelerate the path toward the $332.67 target [1].
Technical indicators, including the stochastic oscillator and relative strength index (RSI), are showing synchronized upward momentum. The RSI remains below overbought territory, suggesting there is room for further gains without immediate signs of exhaustion [1]. This technical alignment supports the bullish bias and indicates that the rally could continue in the near term.
The pattern has drawn comparisons to a similar setup observed with Binance Coin (BNB) in the previous month. That scenario preceded a significant breakout, reinforcing the validity of the current wave count for SOL [1]. If the price follows the expected sequence, it would complete wave three near $332, transition into wave four for a corrective phase, and ultimately reach wave five for a final push.
Traders are now closely watching for confirmation at key resistance levels to determine whether market momentum will sustain the projected targets. While the technical outlook remains positive, the ability of Solana to reach these ambitious price levels will depend on maintaining strong volume and price action over the coming weeks.
Source: [1] Solana Pattern Targets $332 with $351 Breakout
Solana Price Pattern Targets $332 With Possible $351 Breakout Ahead
