"Solana Surges Past $145, Whales Drive Rebound Amidst Market Uncertainty"

Solana's price surged past the $145 mark, driven by significant whale activity, raising questions about the sustainability of this rebound. The sudden increase in Solana's value occurred while Bitcoin was struggling to reclaim levels above pivotal resistance. Major whale movements temporarily subdued SOL bears, but concerns about forming bottoms persist, casting a shadow over the Solana price rally.

Solana's recent upswing prevented the token from dropping below a crucial support zone at $133. However, the selling pressure on the token remains heavy, making it difficult for bulls to revive a notable rebound. The latest rally has sparked debate on whether this rebound signals a trend reversal or if it's a trap set for the bulls.

One of the primary reasons for the recent upswing is the significant whale activity. According to data shared by LookonChain, whales withdrew a substantial amount of SOL from Binance, totaling over $7.5 million. This whale activity fueled market participants' optimism about the next price action, propelling the SOL price above the psychological resistance at $145. However, the token failed to clear the $150 range.

As the price holds above the resistance-turned-support at $145, another whale activity has raised concerns about potential bearish clouds looming over the token. LookonChain reported that five whale accounts unstaked 5.52 million SOL worth $810 million in the past 12 hours, with 3.54 million SOL deposited into Coinbase Prime. This movement could indicate a major selling pressure, as large-scale crypto transfers to centralized exchanges (CEXs) can significantly impact the token's value.

Solana's price witnessed a massive pullback in recent weeks, with levels dropping by more than 57% from the highs. While whale accumulation appears to have altered the token's trajectory, the growth trajectory does not seem strong enough to suggest a sustained rally. Instead, the SOL price may undergo an extended consolidation phase between $138 and $145 for some time.

The Solana price chart shows a rebound from local lows near $125, but the upswing appears short-lived. Bulls failed to push the price beyond the pivotal resistance, although they managed to keep the trend above the pivotal support. The Relative Strength Index (RSI) displayed bearish divergence, while the Chaikin Money Flow