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.