Solana (SOL) Price Outlook: Breakout Above $230 Could Lead to a New All-Time High

The SOL daily chart shows a new five-wave impulsive structure that started in early October and peaked at $264, followed by a corrective phase. The price has recently retraced to $209 (0.382 Fibonacci retracement), testing key support. The structure indicates potential continuation in the corrective wave before the final leg higher in wave (v).

The Relative Strength Index (RSI) has cooled off from overbought conditions, signaling reduced momentum and the possibility of consolidation or further corrections. Maintaining support at $209 would confirm bullish strength, while a breakdown could extend losses to deeper Fibonacci levels, including $193 (0.5) or $173 (0.618).

If bullish momentum resumes, SOL could retest the $264 peak and target higher extensions. Continuing the corrective phase, however, may lead to prolonged consolidation, providing accumulation opportunities before the next significant breakout.

SOL Price Forecast

Zooming into the hourly SOL chart, we can see that the price is in wave (iv) of a larger impulsive structure. After peaking at $264 in wave (iii), SOL retraced to $209, aligning with the 0.382 Fibonacci retracement level – a typical ending poing for wave (iv) corrections.

The structure suggests a potential continuation toward wave (v), targeting higher Fibonacci extensions.

The price is consolidating near the $230 level after it recovered from its recent dip. It is now testing the upper boundary of a descending wedge that formed during the corrective wave (iv).

The hourly Relative Strength Index (RSI) shows improving momentum, suggesting the potential for a breakout if resistance is cleared. On the other hand, it got close to the oversold zone, which could be interpreted as a sign of a looming rejection. Immediate resistance lies near $245, coinciding with the 0.382 Fibonacci extension of the current structure.

If SOL fails to hold above $209, deeper corrections could target $193 (0.5 Fibonacci retracement) or $176 (0.618 Fibonacci). On the upside, a breakout above $245 would confirm bullish momentum, targeting $264 and higher Fibonacci extensions at $311 and $340.

Key Levels to Watch

Support Levels:

• $209: Key support at the 0.382 Fibonacci retracement.
• $193: Strong support at the 0.5 Fibonacci retracement.
• $176: Critical support near the 0.618 Fibonacci retracement.

Resistance Levels:

• $230: Immediate resistance at the upper wedge boundary.
• $245: Major resistance near the 0.382 Fibonacci extension.
• $264: Previous wave (iii) peak and breakout level.
• $311: Target for wave (v) based on Fibonacci projections.