Elliott Wave pattern suggests Solana may break $250

Elliott Wave theory implies a positive comeback despite weak market circumstances.

Historical wave structures suggest SOL is in a corrective phase, maybe wave four of a five-wave cycle.

If this estimate is correct, Solana might reach $250 in wave five.

The bullish breakout depends on market mood and volume dynamics. A clear rise over $200 and rising volume might confirm this Elliott Wave prediction. Traders will also watch the $217 resistance level, where short positions have gathered.

SOL might rise faster to the psychological $250 objective if it breaks this mark.

Institutional Solana interest is a significant driver. The adoption of a Litecoin ETF has fueled discussion about Solana-based financial products, boosting the asset's long-term prognosis. SOL might reprice significantly like Bitcoin and Ethereum in previous ETF cycles if institutional money pours into it in anticipation of crypto ETF adoption.

In the near term, traders will monitor Fibonacci retracement levels for reversals. A sustained closing above the 38.2% retracement level at $205 might signify an upswing. In addition, momentum indicators like the RSI and MACD indicate diminishing selling pressure, indicating a positive comeback.

Macroeconomic challenges keep Solana's price under pressure, but technical signs suggest a rebound if critical support levels hold. SOL may breakthrough towards $250 in the next weeks because to the Elliott Wave pattern and increased institutional interest.

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