Price Analysis View Non-AMP

SOL Price Recovery Eyes $150 as Whale Activity Signals Fresh Rally!

Published by
Sohrab Khawas

As Bitcoin resurfaces above $56K, the bulls are back for the altcoins. Solana enters the list of top performers with a bullish trend and a sudden recovery. Sustaining dominance above the critical support, SOL price brings an opportunity to buy the dip. Will this potential bull cycle reclaim the $150 mark? Read this analysis to know more!

SOL Price Performance

In the weekly chart, the SOL price trend shows constant support from the 50% Fibonacci level at $129.87 and the 50 weekly EMA. Currently, the weekly chart reveals a consolidation phase between the 78.60% Fibonacci level at $198 with the bottom support of 50% Fibonacci level

The lower high formation within the consolidation range reveals a weakness in the bullish momentum. However, the recent possibility of a morning star pattern near the crucial support teases a new bullish cycle. 

The DMI indicator in the weekly chart reveals an indecisive trend between the VI lines. Further, a declining trend is visible in the ADX line during the SOL price consolidation phase.

Hence, the momentum is declining, but the trend still needs to be decided. A bullish cycle will reveal a positive alignment in the VI lines, and a potential uptick in the ADX line will help sustain the uptrend. 

Using the trend-based Fibonacci level, the SOL price uptrend shows the next resistance at 23.60% at $173. The next resistance lies at the $200 ceiling and the $224 mark. 

Solana Whales Back For More?

A Solana whale recently scooped 34,807 SOL tokens, amounting to $4.52 million. This is part of a larger accumulation strategy, with the whale having withdrawn nearly 206,951 SOL tokens worth $29.3 million. 

These withdrawals came from Binance and MEXC, with an average buying price of $142. Following this aggressive buy, the whale continued the momentum by staking 115,135 SOL tokens, valued at $15.3 million, signaling a calculated long-term play.

Solana’s 4-Hour Consolidation

In the 4-hour chart, the SOL price action reveals a consolidation between the 38.20% and 23.60% Fibonacci levels at $136.65 and $125.81, respectively. The bullish recovery surpasses the 50 EMA and challenges the 38.20% level. 

However, the evening star pattern delays the bullish breakout. Upon a bullish breakout, the Solana price trend will likely hit the $156 mark at $68.10. On the flip side, the crucial support for the Solana price action stands at $125.81 and $110.07.

Curious about Solana’s future? Read our Solana (SOL) Price Prediction for an overview of long-term targets!

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.

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