Solana’s recent whale accumulation and an ascending triangle suggest a potential breakout; a decisive move above $230 could open targets near $263–$300, but crowded longs and overheated futures increase the risk of sharp liquidations before any sustained rally.
Whale buys tightened supply and raised breakout odds.
Derivatives data show elevated leverage, raising liquidation risk if resistance holds.
Technical targets: $263 first, $300 as extended Fibonacci target if $230 clears.
Solana breakout analysis: SOL price targets $263–$300 if $230 breaks; monitor futures leverage and long/short skew for risk.
What is driving Solana’s current breakout narrative?
Solana’s breakout narrative is driven by concentrated whale accumulation and a daily ascending triangle pattern. Large TWAP buys reduced available supply while technical structure set resistance at $222–$230, creating a clear trigger zone that could unlock $263 and potentially $300 on a clean breakout.
How much did the whale accumulation move the market?
On-chain data captured a single whale buying 28,390 SOL via HyperLiquid with a reported $11.68 million USDC TWAP order that remained active at capture time. This sizeable purchase signals high conviction and tightens immediate sell-side liquidity.
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The ascending triangle on the daily chart is a bullish continuation pattern; a clear break above $230 would target $263 and then $300 using Fibonacci extensions. Immediate support sits near $188–$183, which would limit downside if the pattern fails and rejection occurs.
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Source: https://en.coinotag.com/solana-whales-accumulate-as-triangle-points-to-263-300-potential-overheated-futures-and-crowded-longs-could-fuel-volatility/