Solana Price Eyes $270 as DEX Volumes Surge—But Whales Are Dumping

Solana's rally faces a brutal test as whale wallets trigger sell-offs despite record-breaking DEX activity. Can retail demand outpace the big players cashing out?

Decentralized exchange volumes scream bullish—yet on-chain data reveals a grim reality: crypto's 1% are taking profits at retail's expense. Classic.

The $270 price target hangs in the balance. Technicals suggest momentum, but whales just love wrecking parabolic charts. Will SOL defy gravity or buckle under sell pressure?

TLDR

• The Solana price is trading at $178 with a slight drop of 0.3%.
• Analyst TheChartArtist predicts that the Solana price could reach $270 if bullish conditions are met.
• A higher high at $194 is seen as the trigger for a potential rally toward $270.
• Resistance is expected to be near $24, which could slow further gains if it is not broken.
• Three whale addresses have sold over 40 million SOL in the past 24 hours.

The Solana price traded at $178 on August 12 with a 0.3% decline, while market signals showed mixed trends. Analyst TheChartArtist projected a potential rally toward $270 if certain bullish conditions were met. However, whale activity indicated skepticism about short-term gains despite increasing decentralized exchange volumes.

Bullish Pattern Points to $270 Solana Price

TheChartArtist stated that the Elliott wave structure for solana price remained intact and had met previous pattern targets. He identified $194 as the key level for forming a higher high and unlocking further upside potential.

“Once solana reaches $194, $270 will no longer be a pipe dream,” he said.

However, the analyst emphasized a resistance zone NEAR $240 that could limit gains before the $270 target. Sustaining levels above $240 could strengthen bullish momentum and open the door to higher valuations. He also noted that growing odds of a spot SOL ETF might support this price move.

Historical performance supported his view, as previous Elliott wave targets for the Solana price were consistently reached in past rallies. Yet, he maintained that this forecast was applied only to short-term market movements. Longer-term projections for 2025 suggested the possibility of even higher prices beyond the $270 mark.

Whale Selling Challenges Bullish Sentiment

Despite bullish technical signals, whale addresses sold over 40 million SOL in the past 24 hours, according to Lookonchain. This selling suggested that major holders expected limited near-term upside in the Solana price. Analysts noted that whales often time their trades based on deeper market insights.

Whales seem to be selling $SOL.

CMJiHu deposited 96,996 $SOL($17.45M) to exchanges 9 hours ago.

5PjMxa deposited 91,890 $SOL($15.98M) to #Kraken 3 hours ago.

HiN7sS deposited 37,658 $SOL($6.73M) to #Binance 8 hours ago for a profit of $1.63M.https://t.co/SjYyx112xa… pic.twitter.com/6A22shhpe8

— Lookonchain (@lookonchain) August 12, 2025

Three large addresses executed these transactions, reducing confidence among smaller market participants. This heavy selling contrasted with retail Optimism driven by technical analysis patterns. It also highlighted the possibility of further downward pressure if whale activity persisted.

Market observers indicated that whales were likely reacting to macro or liquidity factors beyond short-term price action. Therefore, their selling could influence the Solana price trajectory despite rising exchange activity. This divergence between retail optimism and whale behavior created a mixed market environment.

Rising DEX Volumes Offer Support

Data from DeFiLlama showed Solana DEX volumes reached $3.587 billion on August 11, up from $2.87 billion a day earlier. This surge indicated an increase in on-chain activity that could support higher Solana price levels. Yet, without whale accumulation, sustaining momentum remained uncertain.

Higher volumes often reduce bearish pressure by improving liquidity and market participation. However, analysts argued that whale buying was essential for breaking resistance levels. The ChartArtist maintained that technical patterns alone could not guarantee the $270 target without stronger market-wide demand.

In conclusion, the Solana price outlook depended on overcoming key resistance levels, reversing whale selling, and sustaining high DEX volumes. While the Elliott wave pattern signaled bullish potential, actual execution relied on broader market alignment.