Analyst Calls SOL a Buy Before Potential $360 Rally

TL;DR

• Solana trades at $181, holding above $176 support, with resistance marked at $205.
• Elliottwave analysis shows a double correction with support near $164–$157 and invalidation at $195.
• EU considers Solana or Ethereum for digital euro launch, raising accessibility and privacy questions.

Solana Price and Analyst Outlook

Solana (SOL) was priced at $181 at press time, with a daily trading volume of $4.55 billion. The token has fallen 1% in the last 24 hours and is down 8% over the past week. Despite this decline, analyst Ali Martinez stated, 

Ali’s chart shows Solana trading in an ascending structure supported by higher lows since March. The token remains above the $176 support zone and faces resistance at $205. Fibonacci extension levels mark reference points at $250, $278, $320, and $362. Solana continues to move between its rising trendline and the resistance area.

Corrective Structure and Technical Readings

Elliottwave Forecast outlined a corrective pattern for Solana. The chart places SOL at $167 within a double correction (W–X–Y) formation. Support is projected between $164 and $157, while an invalidation level is noted at $195. The update added, “We Do Not Recommend Selling,” focusing on the corrective setup.

Based on indicators, the 9-day moving average stands at $185, whereas the 21-day moving average is at $179. The price of Solana is between the two averages, which means that the confidence over the short term is ongoing, but there is no particular direction.

The Relative Strength Index (RSI) is at 50, which indicates a neutral stance of the market. In July, the RSI rose to above 70, indicating a busy buying period then.

Source: TradingView

Spot Market Activity

CryptoQuant data shows Solana’s Spot Taker Cumulative Volume Delta (CVD). From November 2024 to February 2025, buying was dominant, supporting higher prices. Between March and May 2025, selling activity was stronger, and prices moved lower.

In June and July 2025, the CVD was mostly neutral, with a short buying phase. By August 2025, the data shows stronger selling pressure while Solana trades near $180.

Source: CryptoQuant

Broader Market Development

The European Union is assessing whether to launch the digital euro project on Ethereum or Solana instead of a private chain. A rollout on a public blockchain could improve accessibility, though concerns remain over privacy and security.

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