Solana Price: Breakout Potential Amidst Accumulation, but Whales Add Risk

Solana price is poised for a potential breakout above resistance, driven by strong inflows and accumulating structures. Over the past month, more than $1 billion has flowed into the network, surpassing activity in Ethereum, Arbitrum, and Base. This significant liquidity influx supports analysts’ prediction of an upcoming surge. Technical charts indicate a promising ascending triangle pattern, where Solana repeatedly tested resistance between $250-$260 while maintaining an upward trendline. The pattern, combined with higher lows, often precedes further upside. Analysts predict continued growth if the price breaks above this resistance level. However, large whale transactions to exchanges add a layer of risk. A recent transaction involving nearly $18 million worth of SOL transferred from Solana to Binance by a significant player raised concerns about potential selling pressure. While not negating the bullish outlook, this activity warrants cautious observation. Short-term technicals point towards volatility due to a narrowing falling wedge pattern on the four-hour chart, signaling an impending reversal. The recent upward movement in volume, following each support test, suggests growing buyer strength and decreasing seller influence. Analysts say if Solana maintains support between $176-$169, the structure will remain valid. However, if sellers increase pressure, this range might become a key level of defense. At press time, the price of SOL remains at a critical juncture with potential breakout opportunities based on accumulating structures and rising inflows. Confirmation above resistance is crucial for sustained growth, with further upside potentially reaching $320-$350 if volume follows suit.