Solana Eyes $90 as Elliott Wave Points to Bounce From $74 Support

What is the Solana price today?

Solana (SOL) is trading close to $75, holding steady after a choppy few weeks. The token is changing hands around the $74 to $76 range on major exchanges, down slightly over the past day.

That puts SOL well off its highs. The coin remains far below its late 2025 peak, even as trading activity around it has picked up sharply.

Why is Solana price down from its all-time high?

Solana hit an all-time high above $293 during a stronger market phase. Since then, the price has cooled off a lot, and it now sits more than 70% below that peak.

Despite the pullback, $SOL has not lost its place near the top of the market. It remains one of the largest coins by market cap, and daily trading volume is still strong.

What do the SOL price charts show right now?

The daily chart shows $SOLsitting inside a rising channel that has held since February. Price recently pushed up to the $80-$84 zone before slipping back toward the lower boundary of a smaller descending channel near $75.

The 20-day and 50-day moving averages are close together around $76 to $77, showing a market that is trying to find direction. The 100-day average near $81 sits just above current price, acting as resistance.

RSI on the daily chart reads near 48, right in the middle of its range. That suggests SOL is neither overbought nor oversold at the moment, just consolidating.

What does the Elliott Wave count suggest for SOL?

A 4-hour chart applying Elliott Wave counting shows a possible five-wave move down from early July highs near $84.

The count places SOL in what looks like a wave 4 correction, with price sitting close to $74 to $75.

If this reading holds, some chartists expect a wave 5 leg higher could follow, pointing back toward the $82 to $84 zone.

This is one interpretation among several, and wave counts often get revised as new candles form.

Is Solana DEX activity supporting the price?

$SOL has topped 24-hour decentralized exchange volume with more than $4 billion, ahead of rivals such as BNB Chain.

Much of this volume has come from active memecoin trading on the network.

Derivatives data also shows a long/short ratio above 2.4 on some exchanges, meaning more traders are positioned for gains than losses right now.

Open interest sits near $4.9 billion, though it has ticked down slightly over the past day.

Could institutional news lift SOL price further?

Japan's SBI Holdings has partnered with the Solana Foundation to build an onchain financial market, with the Solana Foundation taking an equity stake in the joint venture.

The plan includes a yen-based stablecoin and payment infrastructure aimed at AI agents.

This kind of deal signals growing interest from traditional finance players in using SOL as settlement infrastructure, not just for memecoins and DeFi.

Whether that translates into price gains depends on broader market conditions too.

Solana price prediction: what could happen next?

As per solana price forecast, if buying interest returns and volume stays strong, some traders see a path back to $90 by the end of July. That would require SOL to clear resistance near $81 to $84 first.

On the downside, a break below the $72 to $74 support zone could open the door to a retest of June lows near $60 to $64. Much depends on whether broader crypto sentiment stays positive.

Nothing here is guaranteed. Crypto markets move fast, and $SOL price can shift quickly on news, volume changes, or shifts in trader positioning.

Disclaimer

This article is for informational purposes only and does not constitute financial advice. Cryptocurrency markets are highly volatile and risky. Always do your own research and consult a licensed financial advisor before making investment decisions.