Solana Poised for $300 Breakout as Reserves Plunge
Solana’s on-chain data shows sharp exchange reserve declines, with over $72.4 million withdrawn on September 15. This outflow indicates strong accumulation by long-term holders. The SOL price has formed a rounded bottom near $220 and trades around $236. Key resistance lies at $262. Technical indicators like DMI turning positive and neutral CVD suggest easing sell-side pressure. A clear breach of $262 on increased volume could trigger a rally toward $300. Traders tracking Solana should monitor exchange inflow trends closely, as a reversal could undermine this bullish scenario.
Bullish
The sharp exchange reserve outflows and formation of a rounded bottom near $220 signal strong holder accumulation and reduced sell-side liquidity. Positive DMI and neutral CVD ease downside pressure. A decisive break above $262 on higher volume would likely trigger upward momentum toward $300. These factors support a bullish view on Solana in both the short and long term, as accumulation dynamics and technical strength suggest further price appreciation unless inflow trends reverse.