Silver is currently experiencing wild volatility. In the past 24 hours alone, the price jumped from $63.90 to $77-78, meaning fluctuations exceeded 9 percent. This is not an ordinary daily fluctuation but something serious. Previously, silver was quoted above $120 at the end of 2025, then plummeted more than 30 percent by early 2026. The strengthening dollar, tightening financial conditions, and capital outflows from risk assets all pressured the price. Now, there has been a rebound from the $72-73 level, and here’s an interesting point: one analyst noted that the silver market is literally shifting from euphoria to panic. But as was rightly pointed out, one rebound does not fix such a breakdown; a real market restructuring is needed.

Technically, the silver forecast depends on two key levels. Support at $72-73 is currently critical—if it breaks, the risk could return to $60. On the other hand, if silver stays above $72 and breaks resistance around $92, it would significantly change the picture. There are trading scenarios targeting $86-94, provided support holds. Wave analysis is ambiguous here—some see a corrective rally, others believe the sell-off has completed a major correction phase. But the main focus is on price behavior, not the waves themselves.

Another interesting point involves the silver ETF (SLV). It grew nearly 277 percent in 2025 to a peak of $109.83, then sharply declined. As of February 2026, SLV was trading around $70 with high volume, indicating retail investor capitulation and a possible rebound. Volatility is off the charts—beta at 2.08, implied volatility at 143 percent. RSI is around 40, close to oversold, and MACD shows bullish signals. Support for SLV is at $69, resistance at $74-75.

The macroeconomic backdrop is also important. Silver is both a precious metal and an industrial resource, so it reacts to Fed expectations, real interest rates, and growth forecasts. Industrial demand from solar energy, electric vehicles, and AI sectors remains strong. Historically, when financial conditions ease and inflation expectations rise, silver acts as a hedge against currency devaluation. Currently, the situation is opposite—tight policies and high real yields are pressuring prices.

In conclusion, the silver forecast for the near term remains volatile. Fluctuations are likely to persist as the market transitions from forced selling to consolidation. Historically, after panic declines, silver often trades within a range and retests support multiple times. Silver is at a crossroads—either a break above $92 will shift sentiment and open growth potential, or a rejection will reinforce the view of a correction phase. Until the trend becomes clearer, traders will monitor key levels and macroeconomic uncertainty.