Solana’s (SOL) recent attempt to break past the $163 mark met resistance, leaving the cryptocurrency in a consolidation phase. Despite this, large investors, known as whales, are quietly accumulating SOL , hinting at a potential bullish surge.
With a market cap of $66.50 billion, Solana ranks as the fifth largest cryptocurrency. The asset recently experienced a bullish rally but has since struggled to maintain upward momentum. This has led to a period of sideways trading, where SOL fluctuates within a narrow price range.
On the 4-hour chart, Solana’s price took a bearish turn after hitting $163, finding support at $135. This pullback has created a consolidation range, with resistance now set at $150.
The Fibonacci retracement tool indicates that Solana is oscillating around the 38.20% level. The key boundary lines lie at the 50% level ($154) and the 23.60% level ($133). Bollinger Bands suggest that SOL is in a contraction phase, signaling that a significant price move may be on the horizon.
In the past few hours, two significant Solana whales have made substantial moves, increasing their stakes in $SOL. The first whale, identified as 9tuA8L, transferred 30,000 SOL tokens valued at approximately $4.25 million from Binance to a staking protocol. Shortly after, another whale, 7CsCGy, withdrew 26,245 SOL tokens, worth around $3.72 million, from Binance to bolster their staking portfolio.
This accumulation during a consolidation phase suggests that these whales anticipate a bullish breakout.
Will Solana Reach $200?
As SOL continues to trade within this range, the increasing whale interest points to a possible breakout. A move above $135 could signal a buying opportunity, with further confirmation at the 50% Fibonacci level of $154.
If SOL breaks out, it could target the 78.60% Fibonacci level at $175 and the previous swing high of $195. Should the broader market recovery continue, Solana might even surpass the $200 mark.
