The Elliott wave pattern shows a strong bullish bias for the price of SOL. This is usually considered a bullish pattern, and when it sets a target, it is usually achieved. In this case, there is a possibility that Solana will rise.
The analyst TheChartArtist sets the target at $270. This will be the final point that SOL will reach according to this pattern. He also analyzes what has happened in the past, pointing out that, so far, Solana has reached all the targets of the Elliott wave.
However, the price of Solana can only rise in one way: if it manages to reach a higher peak. The analyst sets it at $194. At this point, the possibility of profits will increase, and once that happens, reaching $270 will no longer be a pipe dream.
However, even when the Elliott wave leans in favor of bullish traders, there is an obstacle. This is at $240, where resistance lies. If Solana's bulls have the chance to push the price up to here and stay above, reaching $270 will be the first step towards greater profits. Additionally, the increasing odds of a spot SOL ETF will facilitate higher gains.
The Solana whales do not share the same optimism as the analyst TheChartArtist. Three of these addresses have sold SOL. In fact, they have sold more than 40 million tokens in the last day, according to Lookonchain data.
Whales are better informed than retailers when it comes to choosing the right moment to buy or sell. Therefore, if they do not sell now, it shows that they do not believe profits will occur in the near future. This indicates that those holding Solana may suffer more.
These whales are also not influenced by DEX volumes on Solana. DeFiLlama data shows that volumes increased to $3.587 billion yesterday. This represents a jump from the $2.870 billion of the previous day.
Therefore, if this figure continues to rise as it is now, it is possible that the price of Solana will exit the bearish zone. However, the secret to reaching $270 is that the whales buy this token and do not leave most of the work to the retailers.
