- Solana price faces resistance at $240 breaking this level could push it toward a $270 target.
- Whales sold 40 million SOL in one day, signaling caution despite rising DEX volumes.
- Solana’s DEX volume hit $3.587B, yet whale selling pressures may limit short-term gains.
Solana price has been fluctuating around $178 as of August 12, with a slight drop of 0.3%. Despite this, there are bullish predictions for the cryptocurrency, with some analysts projecting that Solana could reach as high as $270. However, Solana price faces significant resistance and challenges, particularly from whale movements and market trends that may delay or prevent such a rally.
Elliott Wave Pattern Shows Potential for Solana Price Rise
The Elliott Wave pattern indicates a bullish outlook for Solana price, with a potential target of $270. Analyst TheChartArtist suggests that if Solana price can break key resistance levels, it could reach this price. Historically, Solana has met each target set by the Elliott wave, increasing confidence in this prediction.
For Solana price to rise, it must first create a higher high, with the critical level identified at $194. If SOL price surpasses this point, the chances of reaching $270 increase significantly. However, a significant hurdle remains at $240, where strong resistance is located. If Solana can surpass this level and maintain upward momentum, reaching the $270 target will become more feasible.
Source: X
Despite the positive technical setup, the success of this prediction largely depends on Solana price overcoming these key price levels. A sustained break above resistance points is crucial for SOL to advance and meet its projected target.
Whale Activity Poses a Challenge to Solana Price Movement
While the technical analysis indicates a possible rally, Solana price faces resistance from a different source whale activity. Recent data shows that three large Solana holders have sold more than 40 million SOL tokens in just one day. This could indicate a lack of confidence among major investors regarding short-term gains.
Whales are often considered to have better market insights and timing, and their decision to sell may suggest they do not foresee significant price increases in the near future. Despite rising volumes on decentralized exchanges (DEXs), which have reached $3.587 billion, these large sales could add downward pressure on Solana price.
Source:Â DeFiLlama
As whale movements remain crucial in driving the market, the current selling trend poses a potential risk to the cryptocurrency’s growth.
Solana journey toward the $270 target depends not only on broader market conditions but also on the actions of these whales. If they decide to stop selling and begin buying again, it could push the price higher, aligning with bullish forecasts. However, for now, the market remains cautious.
