Solana dip-buy or breakout? Target remains $300 despite rejection

As the wider cryptocurrency market continues on its bearish path, Solana (SOL) is at a crossroads that sees it either dipping further down to $176 or breaking out at $207 – but both roads seem to lead to one exceptionally bullish target – $300.

Indeed, Solana has again rejected around the $200 – $207 resistance zone, opening it up at two possible entries – a dip-buy at around $176 or a breakout buy above $207 – but with a $300 target either way, according to the observations shared by crypto expert Ali Martinez in an X post on August 26.

Specifically, his chart analysis shows an ascending triangle pattern where the SOL price is forming higher lows (uptrend support line since April) while facing horizontal resistance at around $207. The drawn Fibonacci retracements indicate strong levels at $173, $149, and $129.

Two possible paths for Solana

Furthermore, the chart projects two potential paths. The first envisions a dip to around $176 (0.786 retracement) before bouncing back up. At the same time, the second option sees Solana breaking out above $207 and continuing towards higher levels. Further extension targets include $236 (Fib extension 1.272), $271 (Fib extension 1.414), and $300 (Fib extension 1.618).

In other words, Martinez’s strategy is simple. Either accumulate on dips near the support at $176 or buy confirmation if price breaks the $207 resistance with strong volume. Regardless of the actual scenario, the ultimate bullish target for Solana remains at $300.

For the time being, SOL is changing hands at the price of $188.14, which indicates a decline of 3.94% in the last 24 hours but nonetheless represents an increase of 3.62% across the previous seven days and a rise of 0.54% accumulated on its monthly chart.

Earlier in mid-August, the number of whale wallets holding over 10,000 tokens in the currently sixth-largest crypto asset by market capitalization hit a record high of 5,224, suggesting the overwhelming trust and optimism in Solana’s future.