Solana Has Two Roads to All-Time Highs – One Goes Through $32 First

Elliott Wave analyst flags two SOL all-time high paths but warns a $32 flush may come first. Here’s what the Solana chart is actually saying right now.

The correction is probably mostly done. That was the line. The rest is harder to sit with.

MoreCryptoOnl, posting on X, laid out a full Elliott Wave breakdown of SOL. The central point is not a price target. It is that Solana keeps lagging Bitcoin in a way that matters structurally.

Triangle Nobody Asked For

The chart looks corrective. Not consolidating before a breakout. Corrective. A triangle pattern may be forming, per MoreCryptoOnl on X, with the consolidation reading weak rather than showing the strength expected from a C wave.

Bitcoin topped in October 2025. Solana peaked in January. Already a different movie playing out.

Source: Morecryptoonl  

The white count, which is the primary read, places the major cycle top in March 2024. Five waves completed. The Solana Elliott Wave structure has been a contested read for months. What MoreCryptoOnl flagged now is the current bounce lacks the impulsive character needed to confirm any real shift.

There is a version where SOL grinds higher short-term before the next leg down. Just not the base case.

The Number That Splits Two Scenarios

Here is where the roads fork. The orange count, the alternative, keeps an all-time high run possible. But it needs SOL to hold above $62. That is the wave four support zone. Below it, the alternative fades fast.

A break under $71.90 is the first real signal to watch. That confirms a direct decline toward the $62 area.

MoreCryptoOnl also outlined two local support zones keeping the white count alive. The $79 to $82 range is the first. A move above $85.60 would need to follow before any next rally becomes credible. Not a clean setup either way.

The SOL/BTC chart remains in a downtrend. A fourth wave bounce is possible on it. The broader trend is still down, per the analysis shared on X.

Even in the more optimistic read, the analyst placed a target at $574. That comes from a 61.8 Fibonacci extension in the orange count, assuming recovery from $62 and a fifth wave impulse following it.

Oversold Does Not Mean Ready

The weekly timeframe is deeply oversold. MoreCryptoOnl acknowledged that directly. The right catalyst could flip the setup quickly. Markets stay oversold longer than people expect though, particularly when risk appetite is absent.

If the decline extends to the $32 area, that is the golden ratio level on the larger structure. Seventy-seven percent of the correction has already played out. There is room for more.

These unresolved Elliott Wave setups across altcoins keep showing the same tension between corrective structures and the next real leg. SOL is not alone in this reading.

Two roadmaps. No clean confirmation for either yet. The next support break or hold starts answering it.

Disclaimer: This article reflects technical analysis based on the cited source only. It is not financial or investment advice.

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