Key Insights:
- A whale moved 195K SOL from Bybit, OKX, and Gate.io, reducing the exchange supply.
- Solana’s falling wedge pattern suggests a bullish breakout ahead.
- Analysts predict SOL could surge past $150, with a target near $280.
Solana price has shown strong bullish signals, with the target at $280. Amidst this, a large Solana whale transferred 195,000 SOL (valued at approximately $23.2 Million) across four markets. This contains Bybit, OKX, and Gate.io.
Whales Withdraw SOL Tokens: Potentially Reducing Market Supply & Boosting Solana Price?
Lookonchain has reported that a major SOL token withdrawal occurred from multiple exchanges. Whales only move their funds into private wallets when they aim to hold the assets.
This move reduces the market supply of SOL on exchanges, resulting in lesser selling pressure. If demand for the token rises while supply on exchanges falls, this could contribute to a potential Solana price spike.
Solana Price Chart Signals a Potential Bullish Breakout
The daily price chart of SOL featured a falling wedge pattern, which stands as a popular indicator of a bullish turnaround. The pattern showed that market sell orders are weakening as potential buyers enter.
There is a possibility that the token may soon experience a price breakout. This could lead to a significant market increase, given the market’s current status. A falling wedge pattern consists of descending trend lines that get closer to each other as they progress.
The shrinking price range increases the probability that a breakthrough will occur. Market experts closely follow $150 as a key resistance barrier for Solana.
If Solana price breaks above this level, it could confirm the wedge breakout. Moving ahead, this could trigger a potential surge toward $280.
The Relative Strength Index (RSI) was currently at 35.54. This placed it near the oversold zone. If the RSI moves above 40, it could indicate a strengthening bullish momentum in the market.
The MACD indicator showed that the MACD line remains below the signal line. The 247.62K Cumulative Volume Delta measurement reflects the increase in buying activity.
Despite this, selling pressure continues to rise, making further volume movements essential to watch.
Why is SOL Price Likely to Surge Again?
Adding new application networks to Solana’s ecosystem is a major source of investor confidence. The blockchain has experienced a steady increase in active addresses.
At the same time, new wallets surpassed 5.3 million over the last few months. Rising engagement rates reflect increased adoption and network use.
The total value locked (TVL) on SOL continues to rise. This is despite a recent little decline. It also showed that more consumers use decentralized money services like staking and lending.
Analysts Predict SOL Could Surge Past $150 Toward $296
Analyst LLuciano_BTC sees Solana as an incredible value proposition when valued at this current price level. ” A small market movement could push Solana price above $150.” He stated.
The rising potential for SOL extends from the $150 resistance point to an expected $280. It is based on its falling wedge pattern estimation or even surges to $296.
A failure of Solana price to surpass current resistance could trigger additional downward pressure and test past support levels.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Olivia Stephanie is a FinTech enthusiast with a keen understanding of financial markets. Her passion for economics and finance has led her to explore emerging blockchain technology and cryptocurrency markets.