The silver price has been all over the place lately, and it’s easy to see why traders are divided. Over the past couple of weeks in April 2026, price action has been sharp and fast. One moment it drops hard, the next it pushes back up.
Around mid-April, silver fell toward the $74 level. That move didn’t 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–$75 area is acting as support, while $80 remains a key level to break and hold.
However, there are clear reasons behind the strength in silver. Supply has been in a structural deficit since 2021, with annual shortfalls of around 100–200 million ounces and a total gap of nearly 900 million ounces built up over the past few years. At the same time, 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. On top of that, concerns about currency value are pushing more people to hold metals.
Even with all this, price is not moving in a straight line. That’s where the disagreement in the market comes in.
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Here’s What the Silver Chart Is Saying
One analyst, Oren Elbaz, believes the price may not be done correcting. He points out that while the silver price has moved above the 50-day moving average, the strength behind the move is not convincing enough.
Looking at the chart structure, the idea of another drop makes sense.
The silver price made a strong run into early 2026, then dropped sharply, that’s the first leg down. After that came a bounce and another drop, forming the second wave. Since then, price has been moving in a tighter range without a strong breakout.
This setup shows a possible third move lower. If that happens, the silver price could move toward the rising trendline and the 200-day moving average, which is above $60. That zone could act as a strong support area.
This kind of three-wave correction is common in markets like silver. It doesn’t change the bigger trend, but it shows the market needs time before making another strong move.
There’s also a seasonal angle. Mid-year periods often bring slower price action. That slower movement helps the market build a base for the next trend.
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Silver Price Predictions
In the short term, the key level to watch on the downside is $75. If price breaks below that, the next target sits around $70.A deeper drop could bring silver back toward the $65–$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, price opens up toward $85, followed by $90, where previous reactions have formed.
A move above $100 would mark a stronger continuation, with price breaking into a higher range where larger upside moves typically develop. For now, the market still looks like it needs one more reset before any major rally.
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