The Elliott Wave pattern suggests that Solana may break through $250.

The Elliott Wave theory suggests that although the market is weak, there is still a positive rebound.
Historical volatility structure indicates that SOL is in a corrective phase and may be the fourth wave of the five-wave cycle.
If this estimate is correct, Solana could reach $250 in the fifth wave.
The bull market breakthrough depends on the market sentiment and volume dynamics. A price above $200 with increasing volume may confirm this Elliott Wave forecast. Traders will also watch the resistance level at $217, where short positions are concentrated.
If SOL breaks this mark, it may rise faster to the psychological level of $250.
Institutional interest in Solana is a significant driving factor. The adoption of Litecoin ETF has sparked discussions about Solana-based financial products, driving the long-term prospects of the asset. If institutional funds flow in and the adoption of cryptocurrency ETFs is expected, SOL may significantly reprice like Bitcoin and Ethereum did in previous ETF cycles.
In the short term, traders will monitor Fibonacci retracement levels for reversals. If there is a sustained close above the 38.2% retracement level at $205, it may signal an uptrend. In addition, momentum indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) suggest that selling pressure is diminishing, indicating a positive rebound.
Macroeconomic challenges have put pressure on Solana's price, but technical signs suggest a rebound may occur if key support levels are maintained. Due to Elliott Wave patterns and increased institutional interest, SOL may break above $250 in the coming weeks.
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