- Elliott Wave analysis indicates Solana could rally to $270 if it surpasses $194, with resistance expected around the $240 mark.
- Whales have sold over 40 million SOL in a day despite DEX volumes climbing to $3.587 billion, suggesting limited near-term confidence.
- Sustained buying and surpassing key resistance could shift Solana’s short-term momentum from bearish pressure toward bullish potential.
Solana’s price traded at $178 on August 12, reflecting a marginal 0.3% decline. Despite muted movement, technical patterns suggest possible upside. The Elliott Wave structure, tracked by analyst TheChartArtist, places an eventual target near $270. Historical performance of this pattern has seen Solana meeting prior wave-based targets, signaling potential continuation if conditions align.
Analyst projections emphasize that a move beyond $194 is essential for further momentum. This higher high would signal renewed buying strength. Once achieved, the path toward $240 emerges as the next resistance zone. Breaking and sustaining above this point could support the $270 target, which may be reinforced by improving sentiment surrounding potential spot Solana ETFs.
Whale Activity Counters Bullish Technical Setup
Recent whale behavior contrasts with technical optimism. Data from Lookonchain indicates that three major Solana addresses collectively sold over 40 million SOL within a single day. This activity points to a cautious stance among large holders, potentially reflecting concerns about near-term price action. Historically, such sell-offs from major investors have influenced market direction by reducing upward pressure.
Meanwhile, decentralized exchange activity on the Solana network is accelerating. Figures from DeFiLlama show volumes rising from $2.87 billion to $3.587 billion in just one day. This growth suggests increased network usage and liquidity, factors that could help counterbalance selling pressure. Consistent volume expansion could help stabilize price action if accompanied by stronger buying interest from larger holders.
Short-Term Outlook Hinges on Key Market Triggers
The short-term trajectory for Solana rests on surpassing the $194 level and attracting renewed whale participation. While technical signals point to an achievable move toward $270, the resistance at $240 remains a critical test. Sustained momentum will likely require alignment between retail enthusiasm, institutional confidence, and continued on-chain activity growth.
