Solana breakout fuels $300 target after major whale buy

Although the majority of assets in the cryptocurrency market continue to witness an ongoing battle between bears and bulls, Solana (SOL) might just be looking at a massive rise, possibly even to $300, after its whales scooped up nearly $4 billion of the token.

Specifically, SOL has been moving inside a long-term rising triangle pattern, with support going up and resistance lying flat around $200 – $220, and is in the middle of testing the latter, targeting $300 if it succeeds, according to the observations by crypto expert Ali Martinez on August 29.

Solana targeting $300

Indeed, if Solana breaks and holds above the $220 level, Martinez’s chart projects higher targets, starting with $250, then moving to $277, and finally going to $300, potentially even further. However, first it might dip back to the area between $185 and $200, should resistance hold.

Previously, Martinez pointed out that Solana had “a solid support base at $188-$206, [with] almost no resistance above,” judging by the price levels where the bulk of SOL investors bought or held their tokens, which means they’re in profit and there’s less pressure to sell.

SOL whales on a shopping spree

Meanwhile, the popular crypto trading specialist noted that Solana whales accumulated 18.56 million SOL, worth close to $4 billion, at the price of around $180, and many holders buying at this level makes it strong support for the currently sixth-largest crypto asset by market capitalization.

Notably, if the price of Solana declines, buyers in that range are likely to defend their positions, making it harder for the SOL price to drop below $180 and building a strong base for a move higher, thanks to less selling pressure, provided the price stays above this cost basis cluster.

Currently, at $207.81, SOL is trading above that zone, which means many holders are already in profit, and supports Martinez’s predictions. Its current price reflects a decline of 3.55% in the last 24 hours, but is still a significant 12.41% jump across the week, as well as a 15.31% rise on its monthly chart.

All things considered, Solana is at a make-or-break moment. If it breaks above $220 with strength, it could certainly meet the crypto expert’s expectations of $300. But if it fails, it might drop down to $185 before trying again. In other words, a short-term pullback is possible, but the long-term outlook is bullish toward $300+.