Analysts suggest that Solana price eyes $200 as a bullish wedge pattern forms despite slowing network activity and whale outflows.
According to a prominent market analyst, Solana (SOL) is on the brink of a bull run to $200.
The bullish wedge formation substantiates this optimistic price prognosis for the SOL token.
Nevertheless, investors must exercise caution because there are numerous obstacles, including the capital rotation from Solana to other chains and the deterioration of network activity.
At the time of publication, the price of Solana is $155, with an intraday gain of 4%.
The daily trading volume has increased by over 60% to $2.62 billion.
Bullish Wedge Pattern Predicts Solana Price Rally To $200
Solana price is currently exhibiting favorable indicators, which indicate that a 29% increase to $200 may be on the horizon.
The emergence of a bullish falling wedge pattern indicates this rally, as it frequently precedes a trend reversal if the price can surmount resistance at the upper trendline.
In early May, Solana price rebounded from the lower support of this pattern shortly after the MACD generated a buy signal.
The rally was abruptly terminated as the price approached the upper resistance level.
However, if it can achieve a decisive close above this level, it could trigger a robust upward movement.
The falling wedge pattern’s height indicates that the price of Solana could increase by 57% if it surpasses the upward-sloping resistance, with a target price of $280.
Nevertheless, the Solana price must first surmount the psychological resistance at the $200 level to rally and attain this level.
Nevertheless, for this bearish outlook on the price of Solana to be realized, the ADX line on SOL’s daily chart must be tipped north to indicate a robust trend.
This indicator is exhibiting a downward slope, which means a feeble trend.
Ryan Lee, an analyst at BitGet, believes that a price rally above $200 is still probable despite the possibility of a near-term decline to $120 due to whale outflows.
He stated, During our conversation with CoinGape,
“Its robust ecosystem and ETF speculation bolster a bullish long-term outlook, with a projected range of $155- $178 by June 2025, potentially reaching $200 if momentum resumes.”
Despite the alignment of favorable indicators, numerous headwinds indicate that Solana’s upward trajectory toward $200 is still being impeded.
Whale Outflows, Declining Network Activity Could Postpone Rally
DeFiLlama data indicates that Solana’s network activity has experienced a substantial decline.
Solana’s DeFi TVL has lost over $1 billion in less than three weeks and is currently valued at $8.405 billion.
There is a bearish sentiment regarding the price of Solana, as evidenced by the decline in TVL.
This indicates that the blockchain is being utilized by a smaller number of individuals, which could decrease the price of the altcoin due to its reduced utility.
In addition to the decrease in network activity, whale outflows are also rising.
Recent on-chain data indicates that a whale address understood 50,000 SOL tokens and transferred them to Binance.
The behemoth has unstaked 175,000 SOL in just two months despite a concealed bullish fractal for the Solana price.
In summary, the daily chart indicates that the price of Solana may reach $200 due to the formation of a falling wedge pattern, which suggests a potential bullish trend.
In June 2025, analysts are also optimistic that SOL will reach $200. However, the rally may be impacted by declining network activity and whale outflows.
