Following a failure to surpass the $163 mark, the consolidation patch grows in Solana. Amid this, whales continue to buy Solana, teasing a bull run ahead.
With a market cap of $66.50 billion, Solana ranks as the fifth largest asset in the crypto market. After the recent bull run, Solana struggles to find decisive trend momentum and fuels a consolidation range.
Will the increasing underlying demand and the broader market recovery result in a breakout rally?
Solana Lateral Shift: A Buying Opportunity
In the 4-hour chart, the bullish trend in Solana takes a bearish turn from the $163 level to take support at $135. Following the pullback, the SOL price trend shifts, with the overhead ceiling at $150.
Based on the Fibonacci levels, Solana, in a consolidation patch, moves up and down the 38.20% Fibonacci levels. Thus, the fib retracement boundary lines stand at 50% and 23.60% at $154 and $133, respectively.
The Bollinger bands reveal a contraction phase in Solana, reflecting the trend of momentum coiling up for a massive move.
The Entry of Whales Boost $SOL Staking.
In the last few hours, two major Solana whales have recently increased their stakes in $SOL. The entry of whales during a consolidation phase supports the possibility of a bullish breakout. Details of these significant transactions reveal that:
- The first whale, 9tuA8L, moved 30,000 $SOL tokens, valued at approximately $4.25 million, from Binance to a staking protocol.
- Shortly after, the second whale, 7CsCGy, withdrew 26,245 $SOL tokens (worth around $3.72 million) from Binance to increase their staking portfolio.
Will Solana Hit $200?
With the ongoing range formation and the increasing interest in whales, Solana can shortly give a breakout entry opportunity. Based on price action, a $135 breakout will signal a buying opportunity. However, the Fibonacci confirmation will depend on the 50% level at the $154 breakout.
A breakout run in Solana can target the 78.60% Fib level at $175 and the previous swing high of $195. Optimistically, with a push from the broader market recovery, the uptrend in SOL price can surpass the $200 mark.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
