Solana Price Predictions: Two Paths to All-Time Highs

An Elliott Wave analyst has provided a detailed breakdown of Solana's chart, highlighting two possible paths for the cryptocurrency's price to reach all-time highs.

The analysis suggests that the correction may be mostly complete, but the chart shows a triangle pattern with weak consolidation rather than a breakout. This is in contrast to a traditional breakout setup, where the market would typically consolidate before making a new high.

The analyst has identified two possible scenarios for Solana's price movement: one involves the cryptocurrency grinding higher short-term before a decline, while the other keeps an all-time high run possible if SOL holds above $62. However, a break under $71.90 confirms a direct decline toward the $62 area.

The analyst also notes that the weekly timeframe is deeply oversold, but warns that markets often stay oversold longer than expected, particularly when risk appetite is absent. If the decline extends to the $32 area, it would be a significant correction, as 77% of the decline has already played out.