Solana (SOL) Is Rebounding, Backed by High Whale Movement and Bullish Technical Indicators

From a low of $120, SOL has found support and is trading close to $132 with both technical indicators and whale activity being positive.

As the Solana price rises, whales appear to be buying more Solana tokens, which is a positive sign for the cryptocurrency.

A whale recently purchased 34,807 SOL tokens worth $452 million and staked more than 115,000 SOL tokens, demonstrating a long-term investment. The accumulation of whales in large quantities is seen as a positive signal for the market as they predict that the price will increase in the coming weeks. Update coming that a whale purchased $34,807 $SOL ($4.52M) and this transaction took place 12 hours ago. Since February 7, this whale has withdrawn $206,951 (from #Binance and #MEXC) and staked $115,135 $SOL at an average of $142. ($15.3 million)https://t.co/rnrXRXmNkB pic.twitter.com/Ce6DqyVvvQ

On the other hand, it seems that this buying pressure is still very high, but some whales are also selling their coins. Another whale made a transaction worth $2.66 million with 20,000 SOL tokens. However, the majority of large investors are still bullish and have been accumulating more rather than selling in recent months.

These whale moves provided major support despite Solana being rejected at key resistance levels. The $120 support level remained resilient and many are now looking at the $150 level as the next focus for the cryptocurrency.

Solana Faces Significant Technical Challenges Amid Rising Momentum

Solana is not looking good technically but some indicators say it could see a breakout. The price has yet to break through the 20-day Exponential Moving Average (EMA), causing some consolidation. However, a round bottom formation can be seen on the 4-hour chart, indicating that the market may overcome these obstacles soon.

Solana pulled back from the 23.60% Fibonacci level and is currently facing resistance near the 38.20% Fibonacci level at $141. A price break above this resistance level could open the door for a rally towards the $160 level if the current bulls continue their rise.

Solana is also currently trading within the boundaries of a falling wedge formation, which is a bullish reversal formation. If Solana manages to break out of this wedge, the price could head towards $160, given the magnitude of the move from the breakout point of the wedge. The MACD also shows a potential bullish crossover that combines with the current price action and supports price growth.

Will it hit $150? Key Levels to Pay Attention to

Solana is reaching a critical point and the $150 level is the next important resistance point. Another major challenge facing the cryptocurrency is the $137 level, which corresponds to a 2360% Fibonacci retracement. A move above this level will pave the way for more gains towards $150 and above.

If Solana can sustain the uptrend and clear the $138 ceiling, the price could rally to the $160 region with a 61.8% Fibonacci retracement. The increase in whale activity and the overall market recovery suggest that Solana is poised for a significant upward move.

However, if the price fails to break the $138 level, it may find support at $120. A break below this support level could cause further selling pressure and send prices lower to $110. Price action in the coming days will show whether Solana can continue its upward trend and move higher.

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