Solana (SOL) has taken a backseat since Ethereum started making headlines. Today, August 12, the Solana price trades at $178 with a 0.3% drop. Meanwhile, DEX volumes are rising, but whales are not convinced. Instead, they are selling in what appears to be a rush.
Elliot Wave Pattern Signals Solana Price Rally to $270
The Elliot wave pattern is showing a lot of bullish bias for the SOL price. This is usually deemed to be a bullish pattern, and when it establishes a target, that price is often reached. In this case, there is a chance that Solana might rise.
Analyst TheChartArtist places the target at $270. This will mark the last point where SOL is going to reach per this pattern. He also looks at what has happened in the past, noting that so far, Solana has attained every target of the Elliott wave.
However, there is only one way that the Solana price can rise. This is if it can create a higher high. The analyst puts this at $194. It is at this point that the possibility of gains is going to increase, and once that happens, getting to $270 will no longer be a pipe dream.
Nevertheless, even as the Elliott wave flashes in favor of bullish traders, there is a hurdle. This one lies at $240, and this is where resistance is. If Solana bulls get a chance to take the price here and they sustain above it, getting to $270 will be the first step to more gains. Besides, rising odds for a spot SOL ETF will make more gains possible.
However, this analyst’s stance only applies to short-term moves. This is because a long-term Solana price prediction 2025 and beyond hints that an even higher price might be reached.
Whales Sell SOL Despite Surging DEX Volumes
Solana whales are not sharing the same optimism as analyst TheChartArtist. Three of these addresses have dumped SOL. In fact, they have sold more than 40 million tokens in the last day, per Lookonchain data.
Whales are more informed than retail when it comes to getting the right time to buy or sell. Therefore, if they are not selling now, it shows they do not believe that gains are happening in the near future. What this shows about the price is that there might be more pain for those holding Solana.
These whales are also not being swayed by DEX volumes on Solana. Data from DeFiLlama shows that the volumes increased to $3.587 billion just yesterday. This was a jump from $2.87 billion the day before.
Therefore, when this number continues to increase like it is doing now, it is possible that the Solana price will be out of the bearish woods. However, the secret to getting to $270 is whales buying this token and not leaving the heavy lifting to retail.
Frequently Asked Questions (FAQs)
Solana price is dropping today because of a drop across the broader crypto market caused by concerns around US inflation.
Solana can gain above $200 as the Elliot wave pattern shows that the rally will likely last until $270.
Whales are likely selling Solana because of a lack of meaningful gains in the market and a drastic drop in value.
muthoni
Muthoni Mary is a seasoned crypto market analyst and writer with over three years of experience decoding blockchain trends, price movements, and market dynamics. She holds a Bachelor’s Degree in Commerce (Finance) from Kenyatta University, blending a solid academic foundation with a sharp eye for technical analysis and a deep understanding of on-chain data. Her work delivers clear, data-driven insights that empower investors to navigate the fast-evolving digital asset space with confidence. When she’s not analyzing the markets, Mary enjoys reading and travelling.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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