Solana (SOL) has spent more than 500 days since its previous cycle peak, according to analyst CryptoCurb, exceeding the approximately 420-day period required to form a cycle bottom during the 2022 downturn. The extended correction has brought SOL near $60, which CryptoCurb identifies as a potential accumulation zone, while separate Elliott Wave analysis from More Crypto Online shows the asset reaching a key extension target near $70-$71. The convergence of long-term cycle comparison and short-term technical resistance has placed traders on alert for either a breakout above $72 or a rejection back toward lower support levels. Market participants are monitoring whether Solana's prolonged correction is nearing its final stages or whether further downside remains before a new cycle begins.
CryptoCurb Compares Current SOL Drawdown to 2022 Cycle Bottom
CryptoCurb's analysis compares Solana's current correction to the 2021-2022 cycle decline. Following the 2021 peak, SOL took approximately 420 days to establish a cycle bottom before beginning a recovery. The current cycle has extended beyond 500 days, leading the analyst to argue that bearish sentiment may be reaching exhaustion. CryptoCurb stated that 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, the analyst believes the $60 area offers an attractive accumulation zone, while projecting a longer-term target above $600 if Solana follows a similar recovery path. The analyst noted that the outlook remains speculative rather than predictive, and that market cycles do not repeat perfectly.
More Crypto Online Identifies Elliott Wave Extension Target Near $70-$71
More Crypto Online's Elliott Wave analysis shows 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 entered an important resistance zone that could determine whether the rebound extends or fails. 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. The analyst stated that 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.
FAQ
How long has Solana been in correction since its previous cycle peak?
Solana has spent more than 500 days since its previous cycle peak, according to analyst CryptoCurb. This duration exceeds the approximately 420-day period Solana took to form a cycle bottom during the 2022 downturn.
What price levels are analysts watching for Solana?
CryptoCurb identifies the $60 area as a potential accumulation zone with a long-term projection above $600 if Solana follows a similar recovery path to its 2022 cycle. More Crypto Online identifies a resistance cluster between $67.92 and $72.58, with support around $61.75-$63.05. The $70-$71 region represents a key Elliott Wave extension target where the current recovery wave could face exhaustion.
