Solana's Token Surges 23% in May, Hits $180 High

Solana’s native token has been on a remarkable run in May, surging from $146 at the end of April to a high of $180 in Wednesday trading, marking the highest daily close since mid-February. This impressive rally has positioned Solana as the market-cap leader among non-EVM smart-contract platforms.

Independent analyst More Crypto Online (MCO) released a video update highlighting the technical aspects of this move. MCO described the advance from the 30 April swing low as a "five-wave pattern," indicating that the rally is "very full but not necessarily overextended or overstretched." The analyst emphasized that, as long as the micro-support area between $159.67 and $168.23 holds, one more high is still likely.

According to MCO’s Elliott-wave count, the current structure shows five clean waves on the "nano level," which typically finishes either an impulsive first wave or the terminating leg of a diagonal. If this pattern holds, it could result in a B-wave, ideally a higher low, followed by a C-wave up. Alternatively, MCO’s preferred scenario treats the structure as wave 1 of a much larger impulse that could ultimately reach $360 or higher.

For traders looking to manage risk in the near term, MCO identified two critical levels. On the upside, $191.25 is the next level to watch, described as the 61.8 percent extension of waves 1 and 3—a textbook Fibonacci target for a fifth wave. On the downside, a break below $172 would indicate that a price top has formed in wave 1, potentially leading to a retracement toward the upper-$160s or even the mid-$150s.

A clean, high-volume break of $191.25 would confirm that the immediate corrective risk has been deferred. Conversely, a decisive daily close beneath $172 would signal that the first leg of the new advance has exhausted itself. Traders should remember that Elliott-wave projections are probabilistic rather than predictive, and position sizing remains crucial given the historically elevated volatility in Solana.

At the time of reporting, SOL was trading at $180. The rally’s sustainability hinges on the support levels holding, as any significant break below these levels could trigger a corrective phase. The market’s focus will be on whether Solana can maintain its momentum and reach the $360 target, or if it will face a retracement in the near future.