- Solana Extends Rally to $182: After a strong run in May, Solana has surged from $146 to $182, marking its highest close since mid-February. Analyst More Crypto Online (MCO) believes the move fits a classic five-wave pattern but suggests it’s not over yet.
- Key Levels to Watch: MCO identifies $191.25 as the next major upside target, the 61.8% Fibonacci extension, while $172 serves as crucial support. A break below $172 could signal a retracement toward the $160s or $150s, while a push above $191.25 could open the door to $360.
- Outlook Remains Bullish: If the current rally is just the first wave of a larger impulse, MCO speculates Solana could climb to $360 or higher. However, with volatility still high, traders are advised to stay cautious and watch for confirmation signals.
Solana’s having a moment. After a strong May run, the native token has shot up from $146 at the end of April to as high as $182 – its best close since mid-February. And some analysts think it’s just getting started.
Analyst Eyes $360 Target for Solana
Crypto analyst More Crypto Online (MCO) is keeping a close watch on Solana, and his latest update breaks down why this rally could have more legs. According to him, Solana’s recent move fits the structure of a classic five-wave pattern – but he doesn’t think it’s topped out just yet.
In his analysis, MCO highlights a micro-support zone between $159.67 and $168.23, a range Solana tested briefly before pushing higher. As long as Solana holds above this zone, he believes there’s room for another high.
“If it’s a five-wave move, it could be an A-wave,” MCO said, pointing to the possibility of a B-wave pullback followed by a C-wave rally. But his preferred scenario? This is just wave 1 of a much larger impulse – and that could send Solana to $360 or higher.
Key Levels to Watch – $191.25 and $172
For traders looking to navigate the near-term action, MCO flags two critical levels. On the upside, $191.25 is the next major target – it’s the 61.8% Fibonacci extension of waves 1 and 3, a textbook level for a fifth wave to top out.
On the downside, $172 is the key swing low. A break below that level would indicate that the rally has exhausted itself, potentially setting up a retracement to the $160s or even the $150s.
MCO summed it up succinctly in a follow-up post: “5th wave to the upside is confirmed. $191.25 is the next upside level to watch… it takes a break below $172 to indicate that a price top has formed.”
The Bottom Line
Right now, Solana’s sitting around $180, right in the middle of that key range. A break above $191.25 could open the door to higher targets, but a slip below $172 would suggest that the first leg of the rally is done and dusted. With Solana’s volatility still elevated, traders will need to keep their eyes peeled and their stops tight – this ride isn’t over yet.
