- Solana (SOL) shows strong performance, up nearly 7% in the past week and 8% over the past 30 days.
- Whales actively moving SOL: 71,425 SOL ($11.09M) transferred to Coinbase by a whale, now sitting on a $570K profit.
- Solana is consolidating within a descending channel, a bullish technical pattern with potential for a breakout.
- Key resistance levels are identified at $170, $188, $210.
Solana (SOL) continues its upward trajectory, gaining significant attention as its value surges. Over the past week, SOL has increased by nearly 7%, and within the last 30 days, it has climbed by around 8%. This strong performance hints at potential further growth in the coming weeks.
As of now, Solana is trading at $157.15, with a 24-hour trading volume of $13.11 billion. The market capitalization stands at $73.68 billion, securing a market dominance of 3.18%. In just the last 24 hours, SOL has seen a 0.74% increase in price, signaling sustained momentum.
One of the key indicators of Solana’s bullish outlook comes from whale activity. Large-scale holders of SOL are making notable moves, reflecting growing market confidence. Recently, a whale transferred 71,425 SOL, worth $11.09 million, to Coinbase. What’s intriguing is that the same whale had withdrawn SOL from Coinbase just six days earlier and is now sitting on a profit of $570,000.
Additionally, another whale unstaked 200,000 SOL, valued at $30 million, and deposited it into Binance over the course of three days. This whale previously unstaked 1.2 million SOL earlier this year, selling it between June and July. These actions demonstrate a clear belief in Solana’s long-term potential, reinforcing positive on-chain sentiment and market dynamics.
Solana (SOL) Eyes Breakout
SOL is showing remarkable signs of recovery as it consolidates within a descending channel, a technical pattern that has been forming over the past six months. This pattern is often viewed as a bullish setup, suggesting the potential for a significant breakout in the near future.
The current consolidation reflects Solana’s resilience, as it has maintained its upward trajectory despite market fluctuations. Traders are watching closely for a breakout from this pattern, which could mark the beginning of a substantial upward movement. The breakout, if confirmed, could lead to a surge in price, creating fresh momentum for SOL.
Key resistance levels have been identified at $170, $188, $210, and $250. These levels represent crucial milestones for Solana’s continued growth, and surpassing them could further solidify its bullish trend.
With market sentiment showing signs of optimism, all eyes are on Solana as it approaches this critical juncture. A confirmed breakout could not only drive the price higher but also position Solana as a strong contender in the broader crypto market.
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