With a rounding bottom reversal and rising whale interest, will Solana (SOL) soon top the $150 mark?
Over the past 24 hours, the crypto market has bounced back, with increasing chances for positive CPI data to be released on September 11. Amid the rising bullish momentum, the crypto market witnessed $127 million in liquidations, wiping out $93 million of short positions.
In a recovering market, Bitcoin has reclaimed the $58,000 mark but is currently trading at $56,631, an increase of 2.89% in the past 24 hours. With the surge in Bitcoin prices, the altcoins are back in motion.
Among the top performers, Solana is making a comeback with a 3.58% jump over the past 24 hours and is currently trading at $132. With a market cap of $62.345 billion, Solana ranks fifth in the broader crypto market.
Solana Bounces Off From $120
In the daily chart, the Solana price action reveals a bullish reversal from the $120 support zone by taking a lower price rejection at $120.58. Following a bullish weekend with a 2.16% and 1.89% jump, the momentum continues with a 3.81% jump on Monday.
However, the Solana price struggles to surpass the 20-day EMA, resulting in a 1.20% pullback as a bullish exhaustion. Currently, a bearish intraday candle is visible in the 20-day EMA.
The crucial daily EMAs remain bearish, with the 50-day EMA (yellow) teasing a death cross with the 200-day EMA (blue). However, the MACD indicator shows the MACD and signal line in the words of a bullish crossover.
Rounding Reversal For Solana
In the 4-hour chart, the sole price action projects a potential rounding-bottom reversal from the 23.60% Fibonacci level. By asserting dominance over the 20 and 50 EMA in the 4-hour chart, the recovery rally challenges the 100 EMA.
However, an evening star pattern quickly halts the uptrend and delays the positive crossover between the 20 and 50 EMA. Nevertheless, based on the rounding-bottom possibilities, a bullish continuation above the 38.20% Fibonacci level at $141 will test the neckline at the 61.80% Fibonacci level at $160.
Polarizing Solana Whales
In recent positive news, a Solana whale bought 34,807 Solana tokens worth $4.52 million earlier today. Since February 7 of this year, the whale has moved to self-custody around 207,000 SOL tokens worth more than $29 million.
The whale has withdrawn the tokens from Binance and MEXC exchanges at an average of $142. Following the purchase, the whale makes a smart move of staking 115,135 Solana tokens worth $15.3 million.
However, another Solana whale has consistently maintained a selling spree on the opposite front. Today alone, the whale has sold 20,000 Solana tokens worth $2.66 million.
Since the start of the year, the whale has made a complete sale of 715,000 Solana tokens worth $102 million while maintaining a balance of 1.8 million SOL tokens staked, worth $246 million.
Crucial Levels For Solana
Based on the daily chart, the Solana price action reveals a struggle to surpass the 23.60% Fibonacci level at $137. A bullish breakout will lead to a price surge to the $150 psychological mark near the 38.20% Fibonacci level.
On the flip side, a bearish turnaround will again test the $120 support.
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.
