Solana Price Rally Eyes $360 – Why Holding $172 Is Critical for Continuation

Solana (SOL) is riding an impressive wave of momentum this May, soaring from $146 to a recent peak near $180—the highest daily close since mid-February. As bullish sentiment returns to major altcoins, Solana stands out with a strong five-wave structure that could drive price action toward the $360 level. However, a critical support level must hold for this Solana price rally to stay on track.

1. Solana Price Rally So Far: Five-Wave Impulse Signals Strength

Solana’s latest surge follows a technically sound five-wave Elliott structure beginning from the April 30 swing low. This formation suggests either the beginning of a larger impulsive move or the final wave in a diagonal pattern. Either way, the price structure remains bullish as long as support above $172 remains intact.

The micro-support zone between $159.67 and $168.23 has already proven resilient—acting as a launchpad for SOL’s recent upward move. The current pattern indicates one more leg higher may be forming before a deeper correction sets in.

2. Key Levels to Watch: $191.25 and $172

• Upside Target – $191.25:
  This marks the 61.8% Fibonacci extension of waves 1 and 3. A breakout above this level would confirm continuation of the current rally and open the door for further gains toward $360.
• Critical Support – $172:
  A daily close below $172 would signal a potential top in wave 1 and shift the short-term outlook toward a retracement into the mid-$150s or upper $160s. For now, the bulls remain in control, but close monitoring is essential.

3. Risk Management Is Key

As volatility in Solana historically runs high, effective capital management remains vital. Traders and investors should prepare for both scenarios:

• Upside breakout: Consider entries on strong volume above $191.25.
• Downside break: Reevaluate exposure if price closes below $172.

At CryptaBlocks, we continuously monitor such setups to help clients navigate high-probability trades while minimizing risk.

Conclusion

The Solana price rally has more room to run, with a technical roadmap pointing to $360. Yet, maintaining critical support at $172 is essential. Whether SOL continues its advance or pauses for consolidation, CryptaBlocks analysts remain laser-focused on delivering ROI-driven insights and strategies to help our investors capitalize on every move.