Silver Price Forecast: Analyst Expects Third Wave of Correction Before a Rally

Silver has been all over the place in recent times, and there are good reasons for that. During the last two weeks of April 2026, there have been quite a few volatile movements in silver prices. It has been going down fast and rising just as quickly.

Around mid-April, silver fell toward the $74 level. That move did not last long. Buyers stepped in and pushed the silver price back above $78, even testing the $80 zone again. That rebound shows there is still strong demand on dips. Right now, the $70 to $75 area is acting as support, while $80 remains a key level to break and hold.

Why silver is strong despite the chop and what the chart shows

There are clear reasons behind the strength in silver. Supply has been in a structural deficit since 2021, with annual shortfalls of around 100 to 200 million ounces and a total gap of nearly 900 million ounces built up over the past few years. 

Demand keeps rising, especially from solar technology and data centers. The US-Iran war is also playing its role. When uncertainty increases, investors tend to move toward assets like silver. 

I’m hearing analysts, including some I respect, saying that the bottom in #Silver is in, and expecting it to rally soon. Sorry, but I’m not seeing it.
Let’s begin with the positive. Silver had a nice rebound from its March low, and is now above its 50 day moving average. But it… pic.twitter.com/bWu198JIGo

— Oren Elbaz (@thesilverhermit) April 20, 2026

We had a look at the daily chart shared by Oren Elbaz, and the silver price is trading near $80.09, down 0.85% on the session. The 20 and 50-day SMAs are clustered near $78.99, acting as support. 

The 200-day SMA sits way down near $60.48, which is a long way from current prices. The chart shows a clear structure. Silver made a strong run into early 2026, then dropped sharply. That was the first leg down. After that came a bounce and another drop, forming the second wave. Since then, the silver price has been moving in a tighter range without a strong breakout.

The third wave of correction

Crypto analyst Oren Elbaz believes the silver price may not be fully corrected. He points out that while silver has moved above the 50-day moving average, the strength behind the move is not convincing enough. He expects a third wave of correction, which is typical for precious metals. 

Such a wave would allow silver to retest its 200-day moving average near $60 for the first time since May last year. It would also hit a confluence of support from two trend lines, the rising one that began with Trump’s “liberation day” and the falling one connecting the recent lows.

Elbaz also notes that we are close to the summer doldrums, and seasonality is taking its toll. He does not expect silver to be setting new all time highs anytime soon. He maintains his position that we are going to have a boring summer. 

Where the silver price goes from here

In the short term, the key level to watch on the downside is $75. If the silver price breaks below that, the next target sits around $70. A deeper drop could bring silver back toward the $65 to $60 area, where long-term support levels line up and buyers have stepped in before. 

On the upside, the silver price needs to move back above $80 and hold that level to shift momentum upward. If that happens, the silver price opens up toward $85, followed by $90. A move above $100 would mark a stronger continuation. 

CoinCodex’s 1-month silver price prediction places the price at $91.84, about 15% above where silver trades right now near $80. That forecast expects a move higher, but Elbaz sees a third wave of correction coming first.