Whales Propel the Solana Price Beyond $145—Is it a Short-Term Rebound or a Start of a Fine Recovery?
Solana attracted enormous attention, going beyond the activity of dominant chains like Ethereum. Meanwhile, the growing domination of the same has raised certain concerns, because a couple of carpets had a negative impact on the Price Sol Rally. The sale pressure has increased sharply on the token, which prevented the Bulls from rekindling a notable rebound. The ground price has experienced a sharp increase, preventing the token from lowering a pivotal support area at $ 133.
Now the question arises: if the last rebound can be considered as a trend reversal or if it is a trap posed for the Bulls.
One of the main reasons for the recent recovery would be a huge whale activity. According to the shared update by Lookonchian, the whales withdrew a massive amount of soil from a popular CEX, Binance, worth more than $ 7.5 million.
With this, the ground price quickly gained momentum as participants in the hope market for the next price action. The token jumped above the psychological resistance at $ 145 but failed to erase the range of $ 150. Now, when the price is maintained above the resistance turned at $ 145, another whale activity has occurred, which can circulate the downstream clouds on the token.
Lookonchain shared another update in which 5 accounts of non -recorded whales 5.52 million soils worth $ 810 million in the last 12 hours. Among them, 3.54 million soil were placed in Coinbase Prime. With this, the possibility of a major sale pressure oscillates on the token, because each time the whales move from a huge amount of crypto to CEX, it greatly modifies the value of the token. So what is the next step for the Sol Rally Price?
Analysis of Solana prices (soil)
Solana’s price has experienced a massive withdrawal in recent weeks which has led to levels of more than 57% compared to the summits. Meanwhile, the accumulation of whales has changed the token trajectory. However, the growth trajectory does not seem to be strong enough, which suggests that the soil price can undergo prolonged consolidation between $ 138 and $ 145 for a while.
As the graphic above shows, the soil price has sparked a rebound in local stockings nearly $ 125. However, the increase seems to be short-lived, because the Bulls failed to push the price beyond the pivot resistance, but helped maintain the trend above central support. On the other hand, the RSI posted a downward divergence while the CMF failed to exceed 0, suggesting that the bulls have a significant force regardless of the rebound. Being a bit diverse, the MacD shows a drop in sales volume while the levels are heading for a bullish crossover.
Consequently, the Solana price (soil) is supposed to remain consolidated for a certain time, and if the MacD undergoes a bullish crossing, the price could undergo a notable increase. Until then, the token can remain in an accumulation phase.
