News View Non-AMP

Whales Go on Solana Buying Spree After Breakout, SOL Eyes $165 Next

Published by
Zameer Attar

After a significant breakout above $138, it appears that crypto whales are making big bets on Solana (SOL) and are currently on a buying spree. On September 14, 2024, the on-chain analytic firm Lookonchain made a post on X (previously Twitter) that a crypto whale had purchased a significant 10,000 SOL, worth $1.37 million from Binance and staked it. 

Crypto Whale Buys $1.37M of Solana

The post on X also noted that this whale had bought and staked a massive 50,000 SOL, worth $6.85 million. Additionally, it received a reward of over 174 SOL, worth $23,700.

Solana Price Momentum

Despite this massive purchase, it appears that SOL may potentially retest its breakout level to confirm the successful breakout. At press time, SOL is trading is trading near $137 and has experienced a price surge of over 3.75% in the last 24 hours. During the same period, its trading volume increased by 20%, indicating higher participation from traders and investors following the breakout.

Solana Technical Analysis and Upcoming Levels

According to the expert technical analysis, SOL appears bullish and is currently facing strong resistance from the 200 Exponential Moving Average (EMA) on the daily time frame. At present, it is crucial for SOL to close a daily candle above the 200 EMA to trigger a significant upside rally. 

If SOL closes its daily candle above $140, there is a strong possibility that it could soar by 18% to the $165 level and further to the $185 if bullish sentiment persists. However, this bullish thesis will only hold if SOL closes the daily candle above the $140 level, otherwise, it may fail.

Major Liquidation levels

Currently, the major liquidation levels are near $135 on the lower side and $140.81 on the upper side. Traders are over-leverage at these levels, according to the coinglass Data.

If the market sentiment remains bullish and the price rises to the $140.81 level, nearly $65 million worth of short positions will be liquidated. Conversely, if the market sentiment shifts and the price falls to the $135 level, approximately $38.5 million worth of long positions will be liquidated. 

Traders’ Bullish Market Sentiment

In addition, SOL’s Long/Short ratio currently stands at 1.0695, indicating traders’ bullish market sentiment. Traders and investors use this ratio to determine whether an asset is bullish and help them decide whether to build long or short positions. A value above 1 suggests bullish market sentiment, while a value below 1 indicates bearish sentiment. 

The data also highlights that currently, Solana’s 52.68% of top traders hold long positions, while 48.32% hold short positions. 

Zameer Attar

Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.

Recent Posts

Solana Did 100x After Binance Listing—KNCH Just Hit BitMart, LBank & XT (Better Tech, Lower Entry)

Kaanch (KNCH) is anticipated to create a great impression in the market through its future…

June 30, 2025

Arbitrum Price Analysis: Can Robinhood’s Involvement Boost Bullish Sentiment for $ARB Price Soon?

Arbitrum (ARB) price was the best performing top-100 altcoins by market cap in the past…

June 30, 2025

John Deaton Says Wall Street Greed Could Push XRP, ETH & SOL Into Treasuries

Years ago, when John E Deaton, a well-known crypto advocate and legal voice in the…

June 30, 2025

Ethereum Price Eyes $5K as Short Squeeze Looms: Analysts Predict Major Breakout

As the Ethereum price approaches Q3, it has shown a notable 3% increase, surpassing the…

June 30, 2025

SEI Price Prediction 2025, 2026 – 2030: Will Sei Price Record A 2X Rally?

Story Highlights The SEI live Price is . Sei price could reach a high of…

June 30, 2025

Crypto Scam Network Exposed in Spain with Over 5,000 Victims

On June 25, Europol announced a major breakthrough as Spanish Guardia Civil, with support from…

June 30, 2025