Solana Price Rebound Hinges on Support Levels Amid Breakout Pattern

Solana's price has plummeted to $73 after reaching an all-time high of $295 in January 2025. This sharp drop has split the market, with some traders seeing a rare buying zone and others waiting for another dip.

A breakout and retest chart pattern is drawing attention, which compares SOL's current price action to two earlier moments in its history. This setup has played out twice before, resulting in rallies of 2,500% and 3,600%, respectively.

The Elliott Wave count also shows a bullish trend for Solana, with the price moving through an ABC correction after reaching its high in January 2025. According to this count, SOL's next move could potentially reach $300 if support holds.