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Key Insights:
- A crypto expert shared a bullish outlook for Solana, noting that it could reach a new all-time high this quarter, but with some conditions.
- The on-chain analytics tool Glassnode revealed that for SOL, the key support levels are $165 and $177, and $189 acts as a key resistance level.
- The market uncertainty and price dip were seized by a crypto whale, as an unknown wallet address scooped up $12 million worth of SOL.
Despite persistent downside momentum, Solana (SOL) strongly gained the attention of crypto enthusiasts. Over the past 24 hours, several optimistic posts on X (Formerly Twitter) have surfaced and gained widespread attention from this rapidly evolving industry.
Crypto Whale Bags Solana Coins Worth $12 Million
In a post on X, some appear to be taking advantage of the price dip, while others continue to share bullish catalysts for SOL.
Recently, a well-followed crypto analyst noted that whales are buying the dip. His X post revealed that an unknown wallet address “8rWu” has scooped 71,000 SOL worth $12 million from Binance. Not just that, this whale later staked on Kamino Finance.
This potential accumulation and staking of tokens hints at a bullish signal. It also suggests strong long-term potential.
Will Solana Price Reach $200 Mark?
Another crypto expert believes that SOL price is in an uptrend despite its continued decline. In the post, experts shared that if the Solana price reclaims $200 level, it could open a path for explosive growth in the coming days.
Not just that, if SOL soars, it could see a new all-time high before the end of this quarter.
This bold prediction came when the asset displayed bullish price action by forming higher lows, indicating strong buying pressure.
Besides this bold prediction, Solana appeared to be struggling and traded at $162.30 at press time. SOL has lost 4.10% of its value and 15% of its trading volumes over the past 24 hours. This decline in the trading volume hints at lower participation of traders and investors amid a price dip.
SOL Price Key Levels and Technical Analysis
Given the current market sentiment, a prominent crypto expert shared the data from Glassnode, an on-chain analytics tool, which revealed that $165 was the key support level for the asset.
$177 and $189 levels are key resistance. However, SOL has failed to hold its key support of $165, which might open the path for a price dip.
According to expert technical analysis, Solana price appears to be forming a bearish pattern of lower highs and lower lows on the daily timeframe. It has been observed that while forming this pattern, SOL has consistently faced resistance from the descending trendline.
On both the daily and four-hour charts, SOL price has formed a bearish engulfing candlestick pattern. It suggests further downside momentum and a potential repetition of historical patterns.
Based on recent price action, this bearish outlook could only be invalidated if the Solana price breaches the descending trendline. SOL also needs to close either daily or a four-hour candle above the $170 level.
On the other hand, if this momentum fails, crypto experts’ $200 breakout and explosive rally prediction will fail or be invalidated.
Technical Indicator Flashed Mixed Signal
When writing, on both the daily and four-hour charts, the Supertrend indicator turned red and was positioned above the SOL price. This indicated that the altcoin was in a downtrend and sellers were in control. It could lead to increased selling pressure and further downside momentum.
Meanwhile, the Relative Strength Index (RSI) appeared to be heading toward the neutral zone, indicating slight buying pressure in the asset.
When we combine all these factors, it appears that Solana price could surge and reach the $200 mark only if it breaks out of the descending trendline. Otherwise, the price may either continue to decline or remain sideways.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
