Bulls Eye $300 As Solana Price Jumps 13% in 24 Hours

Solana price has jumped almost 22% in the last seven days. In the last 24 hours alone, it climbed over 13%, breaking past strong resistance near $195. This move has caught many traders by surprise.

A week ago, most people expected Solana to slow down. But the bulls came back strong, pushing the price higher.

Let’s now look at the charts, on-chain numbers, and trader positions to see if $300 is the next big target.

Solana Price Soars: Key Levels to Watch Ahead

The daily chart shows Solana breaking out from a wedge pattern.

A converging wedge is when the price makes lower highs and lower lows inside a narrowing shape. When price breaks above the top line of this wedge, it often signals a trend reversal to the upside.

The pattern shows that the Solana price consolidation might be over.

Last week, Solana was trading around $168. It slowly pushed higher and finally broke above the wedge near $179.

Once it crossed $195, momentum picked up quickly. This level had been acting as a ceiling for weeks. Notably, breaking this level was a big win for the bulls.

From the Fibonacci retracement levels, $195 was the 0.786 level, and $206 is the next resistance.

Above that, the chart points to $237 (1.618 extension) and $287 (2.618 extension). If bulls keep control, these levels could be hit in the coming weeks.

But if the price falls below $187, it might signal the rally is slowing. With the SOL price history known for quick dips, even a quick low-level test isn’t out of the question.

Exchange Netflows Turn Bullish Despite SOL Price Rally

Looking at spot inflows and outflows, we see a big shift mid-week.

On 11 August, over $85.6 million worth of Solana left exchanges. When coins move out of exchanges, it often means traders are moving them to private wallets, reducing selling pressure.

Over the last month, there were more red bars (outflows) than green bars (inflows). This suggests that sellers are drying up and buyers are getting stronger.

Outflows above $80 million in one day are rare, and in past cases, they often happened before a major price move.

If this trend continues for another week, it could give Solana enough fuel to aim for $237. But a sudden spike in inflows (green bars) could mean profit-taking is starting.

The most heartening thing here is the timing. Exchange outflows while Solana price is rallying give a bullish context to the price action.

Short Liquidations Add More Fuel to Solana Price Narrative

The Bitget SOL/USDT liquidation map shows a large cluster of short positions between $165 and $195. As the price pushed above these levels, short traders were forced to buy back their positions, adding more upward pressure.

The biggest short liquidation target now sits at $219.16, worth almost $95 million. This means if Solana crosses $206 and heads toward $219, another round of forced buying could happen. It could drive the price even higher.

Beyond $219, there are fewer large short positions. That could make the move toward $237 smoother, unless new shorts build up at higher levels. And that’s not all.

The Chaikin Money Flow (CMF) is an indicator that shows if money is moving in or out of a coin. Above zero means more buying pressure; below zero means more selling pressure.

Right now, CMF is around 0.12; positive, but still below the recent peak of 0.35 seen in July.

This tells us buyers are active, but there’s still room for improvement. If CMF rises above 0.16 and stays there for a week, it would confirm strong buying interest, making a rally to $237 more likely.

If CMF drops back below zero, it would be a warning sign that selling pressure is returning, even if the price stays near $200 for now.

Right now, Solana is showing a clear breakout with rising demand. The next big test is at $206, the previous local high. If bulls clear that, $219 could fall quickly due to short liquidations. Above that, $237 is the next key level, and $287 is a stretch target.

However, traders should watch out for sudden profit-taking. Large inflows to exchanges or a sharp drop in CMF would be early warning signs.