Key Takeaways
- SOL’s price retraced into a key zone of $185 as the price gained a strong bullish market push to the upside.
- Institutions and whales accumulate more Solana as market speculation remains bullish.
- If the price of SOL reclaims $240 price zone, we could see a strong market push to the upside.
Solana gained strong market momentum in early August, rallying towards a high of $209, building on previous weeks’ market sentiment as investors and whales accumulate Solana price ahead of a potential rally to a high of $250 and above.
While the price of Solana has experienced a minor price decline to a region of $185 in the last few days, the market remains optimistic of a price rally to the upside of $250 in the coming weeks following institutional adoption for SOL.
Following SOL accumulation by public companies, sentiments and crypto experts are suggesting that if SOL breaks above $210, it could spark a new market rally to the next highs.
Companies Accumulate Solana Ahead of Gains
Solana is quietly building a strong bullish case following institutions accumulating over $1.15 worth of SOL in the last few months as part of their strategic asset accumulation ahead of the bullish market rally.
Concentrated accumulation of SOL could lead to the market continuing in its bullish price action to the upside, as crypto experts and traders are speculating that Solana will become one of the best traded assets in the coming weeks.
With the price of Ethereum maintaining a strong bullish case, this could influence the price of Solana to rise in the coming days, giving traders and investors a good buying opportunity ahead of a potential breakout.
Is SOL Price a Good Buy?
Source – Bluntz Solana Analysis on X
While the price of SOL has shown strong bullish price action, crypto expert Bluntz on his X account suggested the price of Solana could be ready for an explosive price rally following a market bounce, as the price could aim towards the highs of $400.
The price of SOL needs to break above $240 resistance with strong volume. If the price breaks higher toward $250, SOL has the chance to continue toward new all-time highs in the coming weeks.
Overall market sentiment for Solana remains bullish as whales and traders would look to ride the price of SOL to new all-time highs.
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