Solana $SOL Could Reach $295 Then Rally Toward $380 in Wave Five Pattern

Key Insights:

• Solana enters Wave 3, with targets of $295 and $380 based on Elliott Wave analysis.
• Solana ETFs saw $200M inflows in one week, pushing total fund assets above $500M.
• Solana apps generated $3.82M in 24h, exceeding Ethereum and Hyperliquid revenue combined.

Solana’s market activity is gaining attention after new technical chart data and rising institutional interest suggested a possible strong rally ahead. Analysts and community members are pointing to a new Elliott Wave count that shows a possible rise toward $295, followed by another push to $380.

Elliott Wave Suggests New Uptrend for SOL

According to NekoZ, Solana has completed its Wave 2 correction and has entered Wave 3, which often brings strong price movement. The trader wrote that the “first stop” is $295, followed by a final move toward $380 in Wave 5. 

These projections are based on the common Elliott Wave Theory, which some traders use to study price cycles in financial markets. While not all investors rely on this method, the pattern is gaining attention due to recent activity.

The chart is undeniable, but it added doubts about timing and short-term volatility. These views indicate that even with technical patterns in place, many still wait for confirmations before taking action. As of press time, Solana is trading at $177.91, with a 24-hour volume exceeding $4.6 billion.

Institutional Investment Grows Despite Price Dip

However, while Solana’s price dropped 4.83% in the last 24 hours to $177.91, data shows growing interest from large investors. Solana ETFs received almost $200 million in inflows during their first week. Most of this came from Bitwise’s BSOL fund.

With both Bitwise and Grayscale staking their Solana holdings, total assets in these funds now stand above $500 million. This level of interest comes even as SOL’s price remains mostly flat, which suggests continued accumulation.

Margex noted that, even with the $SOL price flat, institutions clearly aren’t done buying. This could support the belief that large buyers see long-term value in Solana.

Solana Network Activity Remains High

Additionally, Solana is experiencing strong usage across its network. In the past day, Solana applications generated $3.82 million in revenue. That amount is more than the combined value of Ethereum and Hyperledger.

DEX volume on the same day reached $3.35 billion, showing consistent trading interest. Supporters are using these numbers to argue that Solana is still growing and in use, despite short-term price fluctuations.

The Solana Sensei noted that “All roads lead back to Solana,” in reference to the growing on-chain activity. While the phrase may be strong, the volume and revenue figures continue to bring attention to the network’s usage.