"SOL Price Surges as Whale Moves $71.95 Million"
1min read Solana (SOL) Price Breaks Key Resistance as Whale Transfers $71.95 Million
Solana's price has shown remarkable momentum in recent days, breaking through a key resistance level that had been containing its price action for weeks. This technical breakthrough coincides with significant whale activity and improving market indicators, suggesting a potential shift in market sentiment for the popular cryptocurrency.
The price of SOL, Solana's native token, had been confined within a descending parallel channel for several weeks. However, recent price action shows it attempting to break free from this pattern, catching the attention of traders and analysts alike who are watching to see if this move will be sustained.
Technical analyst Ali Martinez shared a chart highlighting Solana's move above its downtrend resistance line. According to Martinez, if this breakout is confirmed, SOL could rally toward the $213 price target. This would represent a major shift from the bearish trend that has dominated recent price action.
Not all analysts share this optimistic outlook. Analyst Seth maintains a more cautious stance, noting that SOL price still remains within the broader channel pattern and faces resistance at critical price levels that must be overcome.
Adding to the market dynamics, blockchain tracking platform Whale Alert reported a major transaction involving 494,153 SOL tokens, valued at approximately $71.95 million. This substantial amount was transferred to coinbase Institutional, a service catering to institutional investors.
The whale transfer has sparked speculation about its potential market impact. If these tokens are intended for sale, it could create selling pressure that might hinder the current breakout attempt. Conversely, if the transaction relates to over-the-counter trading or institutional accumulation, it could indicate growing demand for SOL, supporting further upward movement.
Recent Solana whale activities have been closely monitored by market participants. One whale's $14 million accumulation has reportedly helped ease selling pressure, supporting SOL's rebound to the $145 price level. Market observers suggest that if this momentum continues and SOL breaks through the $170 resistance level, it could push toward $180.
Technical indicators are also painting a bullish picture for Solana. The Parabolic sar (Stop and Reverse) indicator, shown as dotted blue lines on price charts, has shifted below the price candles. This movement typically signals a potential trend reversal to the 