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Technical Price Analysis: $SOL Eyes $187 Rebound if Key Indicators Align

$SOL price forecast signals continue to lean bullish after 2.4% losses on Saturday. As seen below, SOL price action has followed the Elliott Wave formation through May, suggesting the fifth wave could target $187.71.

Currently trading around $177, $SOL has rebounded from a recent swing low, supported by the Super Simple Moving Average (SMA) cluster around $172–174. A confluence of the 5, 8, and 13-day SMAs suggests near-term momentum is stabilizing.

SOL price has now flipped these SMAs into support after multiple red candles, validating strong buyer interest at lower levels.

The MACD, however, shows weakening momentum with the histogram turning negative and the blue signal line approaching a bearish cross under the orange MACD line. This suggests a potential for short-term consolidation or a shallow correction before continuation.

If Solana holds the $172–174 range and breaks above the recent high near $178.33 with volume expansion, a push toward the $187.71 Fibonacci extension remains likely.