Solana is trading near a key support zone between $61.75 and $63.05, but technical analysis from MCO Global indicates the chart has not provided confirmation of a lasting recovery. The analysis, based on Elliott Wave theory, suggests the recent decline may not be complete, while crypto analyst Bully projects SOL could decline to $20 by the end of 2026 if bearish momentum persists. The assessments come as Solana trades near $66 after a prolonged decline from recent highs above $250, with analysts highlighting that the rebound has lacked the impulsive structure needed to confirm a trend reversal.
MCO Global Identifies Support Zone Using Elliott Wave Analysis
MCO Global's analysis indicates that SOL found support near the 61.8% to 78.6% Fibonacci retracement zone between $61.75 and $63.05, an area where short-term bounces often emerge. According to the chart, a bullish scenario would require a clear five-wave advance followed by a breakout above $72.57, which marks a key invalidation level for the bearish outlook. Until then, MCO Global maintains that the larger corrective decline remains the preferred scenario.
If support fails to hold, the Elliott Wave count points to the possibility of another leg lower, with downside targets extending toward the mid-$40 range. The analysis states that the rebound has so far lacked the impulsive structure needed to confirm a trend reversal.
Analyst Bully Projects Potential $20 Target by End of 2026
Crypto analyst Bully argues that SOL may decline to $20 by the end of 2026. The monthly chart shows Solana trading near $66 after a prolonged decline from its recent highs above $250. The analyst highlighted a historical support zone between $15 and $25, suggesting the market could revisit this area if bearish momentum persists.
According to the chart, SOL previously consolidated within this range during the 2022-2023 bear market before launching into a strong recovery. Bully argues that if broader market conditions weaken and investor sentiment deteriorates, the same support zone could come back into focus. The analysis notes that Solana would first need to lose its current support levels and continue making lower highs and lower lows on higher time frames.
FAQ
What support zone is Solana currently holding according to MCO Global?
MCO Global's analysis indicates that Solana found support near the 61.8% to 78.6% Fibonacci retracement zone between $61.75 and $63.05.
What price level does analyst Bully project for Solana by the end of 2026?
Analyst Bully projects that SOL may decline to $20 by the end of 2026, citing a historical support zone between $15 and $25 that was established during the 2022-2023 bear market.
What conditions would confirm a bullish reversal for Solana according to technical analysis?
According to MCO Global's chart analysis, a bullish scenario would require a clear five-wave advance followed by a breakout above $72.57, which marks a key invalidation level for the bearish outlook.
