Solana has started August with notable bullish activity across both technical and fundamental fronts. The asset has been in a state of consolidation just above the level of the $166 point over the past weeks. Meanwhile, big events like getting higher DeFi integration and profit rotation among big holders have already started to affect outlook.
Analyst Projects $255 Target as Solana Holds Key Support and a Bullish Setup Develops
Analyst Mary Emerald highlighted a bullish continuation pattern on Solana’s daily chart. She indicated a Golden Cross and a retracement towards FL 0.5 166.38, both of which, correlate with the 200 EMA and a trendline failure.
She highlights that this range in-between $166 and $161 creates a very good support zone. If buyers defend this level, the pattern could play out in favor of the bulls, with Solana potentially climbing toward $206 and eventually reaching her $255.93 target in the near term.
On a daily chart, Solana’s recent price action reinforces Mary Emerald’s bullish projection. The asset had earlier surged more than 56%, and the current pattern mirrors that move with a possible 61% rally.
However, the MACD histogram remains negative, with no visible recovery, suggesting that bearish momentum still dominates. Resistance levels at $189.49 and $206.13 must be cleared to confirm a trend reversal, while $158 serves as the key downside buffer.
If SOL stays at this support position and also breaks above $189 with power, then it will confirm the analyst target of $255.93. The current structure for long term Solana price forecast remains bullish as long as these levels are respected.
DeFi Rising Confidence: Phantom Buys Solsniper as Whale Exits Binance
Phantom has expanded its utility beyond wallets by acquiring Solsniper—a high-speed Solana-based memecoin and analytics platform. This acquisition moves Phantom one step closer to being a complete consumer finance hub complete with wallet tracking, token analytics and instant execution.
The purchase also reinforces Solana’s expanding infrastructure for DeFi users and retail traders. The strategic move comes at a time when Solana’s user activity is growing. Therefore, Phantom’s pivot may drive deeper engagement across the chain. These gains further complement the more bullish narrative, when combined with technical and on-chain strength.
Lookonchain reported that a whale extracted 71,000 SOL (valued at $12 million) out of Binance and transferred the altcoins to Kamino- a yield-producing DeFi platform. This significant outflow reflects growing investor confidence in self-custody and DeFi strategies.
Also, the Coinglass analytics highlights net outflow reaching 21.05 million on 5 August, which correlates with general patterns of exchange reserves flows. Such continued outflows eliminate the sell-side pressure in the market and are usually seen as accumulation. If this behaviour continues, it will strengthen support zones and create the conditions for a strong upward breakout.
To conclude, the outlook for Solana price is increasingly bullish. The influence of Phantom and its growth, as well as whales quitting Binance support, creates an advantage to move upwards with $158 and $166 as possible support. If buyers break above $189, a rally toward $206 and the $255.93 target becomes more likely.
Frequently Asked Questions (FAQs)
The $166 zone aligns with the 0.5 Fibonacci level, 200 EMA, and a previous trendline retest, forming a strong technical base.
It enhances Phantom’s capabilities, transforming it into a DeFi hub and boosting Solana’s ecosystem appeal.
Whale withdrawals from exchanges reduce sell pressure and indicate accumulation, often preceding bullish price movements.
Coingape Staff
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