Solana's Price Surges 29% in 14 Days, Whales Unstake $13.9 Million

Solana has ignited a lively discussion within the cryptocurrency community, with renowned trader Peter Brandt sharing his technical analysis, which suggests a bullish outlook for the cryptocurrency. On April 23, 2025, Brandt highlighted a "cup and handle" (C&H) formation in both SOL and ETH trading pairs, a pattern that traditionally signals a bullish breakout. According to Brandt, SOL could experience significant gains compared to Ethereum (ETH), referring to ETH as its "invalid cousin."

Brandt's chart, based on a weekly timeframe, shows a large rounded bottom followed by a smaller consolidation dip, characteristic of the C&H pattern. The pair is trading just below a key resistance line at 0.085. If SOL breaks this threshold, Brandt's target for the SOL/ETH ratio is 0.110924 and 0.2098094, respectively, indicating a potential 100% outperformance by SOL against ETH. Such a move could position SOL as a credible alternative to ETH for smart contracts and the DeFi ecosystem.

In addition to the C&H pattern, technical indicators further support Solana's bullish setup. Rising volume bars and supportive moving averages, such as the weighted mean average (WMA), suggest growing market interest from both retail and institutional investors. The optimism around SOL is bolstered by recent institutional activity, with Cathie Wood’s ARK Invest making its first direct investment in SOL on April 21, 2025. This move reflects a rising interest in SOL compared to ETH.

Whale activity in Solana has also been notable. Blockchain analytics platform Lookonchain reported the unstaking of 100,000 SOL, worth about $13.9 million, and its transfer to Binance. This investor previously accumulated 991,079 SOL at an average price of $27 and had staked the funds for four years. SOL is now trading at $151.40, marking a notable price increase of 2.56% in the past 24 hours. The whale’s unrealized profits have exceeded $153 million. Despite the sizable transfer, the whale continues to hold 1.19 million SOL, valued at around $166.37 million, suggesting a strategic rebalancing rather than bearish sentiment. Additionally, a newly created wallet withdrew and staked 44,116 SOL worth over $6 million, indicating mixed strategies within the whale community.

Solana's price has shown resilience amid broader market consolidation. The Relative Strength Index (RSI) stands at 72.82, placing it in the overbought zone and suggesting potential caution ahead. However, moving averages present a solid bullish trend, with the 10-day EMA and SMA both around $148 and the 50-day and 100-day averages supporting at $141.18 and $136.21, respectively. Over the past 14 days, Solana’s price has surged nearly 29%, while the monthly gain of 5.9% reflects a recent pullback after a euphoric 38% rally earlier in April. The Solana price rally is backed by strong technical foundations, whale activity, the wedge pattern, and the daily chart’s cup-and-handle structure.