Solana is caught between a long-term cycle opportunity near $60 and short-term resistance around $70-$72. If buyers clear this zone, SOL could strengthen its recovery, but rejection may bring another pullback.
Solana's Millionaire Trade? Analyst Says Buying Near $60 Could Lead to $600+
Solana may be approaching a pivotal moment in its market cycle as historical patterns point to a potential long-term opportunity.
According to analyst CryptoCurb, SOL has now spent more than 500 days since its previous cycle peak, exceeding the 420-day period it took to form a cycle bottom during the 2022 downturn. The comparison suggests Solana could be nearing another major inflection point.
SOL/USDT Weekly Chart. Source: CryptoCurb (@CryptoCurb) via TradingView
The chart compares Solana's previous cycle decline with the current correction. Following the 2021 peak, SOL took approximately 420 days to establish a cycle bottom before beginning a powerful recovery. The current cycle has extended beyond 500 days, leading the analyst to argue that bearish sentiment may be reaching exhaustion.
According to the analysis, widespread calls for $40 SOL resemble the pessimism seen in 2022, when many expected the asset to fall toward $4 before it eventually recovered. Based on that historical comparison, CryptoCurb believes the $60 area offers an attractive accumulation zone, while projecting a longer-term target above $600 if Solana follows a similar recovery path.
However, the outlook remains speculative rather than predictive. Market cycles do not repeat perfectly, and macroeconomic conditions, liquidity trends and broader crypto sentiment could alter the trajectory.
For now, traders are watching whether Solana's extended correction is nearing its final stages, or whether the market has further downside to explore before a new cycle begins.
Solana Hits Elliott Wave Target as Critical Test Begins
Solana is approaching a decisive moment after reaching a key Elliott Wave extension target, placing traders on alert for the market's next move.
According to More Crypto Online, SOL has completed its projected extension target near the $70-$71 region, an area where the current recovery wave could face exhaustion. The analyst noted that price has now entered an important resistance zone that could determine whether the rebound extends or fails.
SOL/USD 4-Hour Chart. Source: More Crypto Online (@Morecryptoonl) via TradingView
The chart outlines an Elliott Wave structure suggesting Solana may be completing a corrective advance following its rebound from lows near $61-$62. Several Fibonacci levels converge in the current area, including the 38.2% retracement near $67.92, the 100% extension around $70.78, and the 50% retracement near $70.61-$72.58, creating a dense resistance cluster.
According to the analysis, holding above the recent support zone around $61.75-$63.05 would keep the short-term bullish structure intact. However, failure to break decisively above the extension target could signal that the corrective rally has ended and increase the probability of another downward wave toward lower support areas.
A confirmed breakout above the resistance cluster would strengthen the bullish case and suggest that buyers are gaining control. Until then, the Elliott Wave count remains flexible, with both continuation and rejection scenarios still possible.
For now, traders are watching whether Solana can overcome its Fibonacci resistance zone and extend the recovery, or whether the completion of the extension target marks the beginning of another pullback.
