Solana Whale Activity Signals Potential Breakout Past $180

Solana, a prominent blockchain platform, has been garnering significant attention from investors and analysts alike, with many speculating about its potential for a breakout. At the time of writing, Solana formed a cup and handle pattern, threatening a breakout past the handle pattern in the coming weeks. A breakout from this pattern would likely be explosive and lead to SOL setting new all-time highs on the charts.
However, the bulls have continued to stumble at the $180-resistance level. The last few days’ price action saw the coin face rejection at $180. Like the rest of the altcoin market, the token’s bullish momentum has weakened over the past two weeks. In a recent report, it was highlighted that SOL saw capital inflows. This was corroborated by the price chart. The CMF indicator saw positive capital inflows. And, the OBV noted that despite the rejection at resistance, the selling pressure did not get overwhelming.
The moving averages also underlined bullish momentum. Buyers could soon have the strength to drive the price beyond the $180-level. The spot average order size can be calculated by dividing the total trading volume by the number of trades executed. A jump in whale activity, when high volume and low trade counts occur, indicates a hike in whale participation. Over the past couple of weeks, whale activity has not spiked higher, despite the bulls’ insistent efforts to breach $180. Hence, whales may be likely anticipating further price gains.
Finally, the spot taker CVD has been neutral for most of May. On 25 May, the metric flashed the signal that taker buy volume was dominant. This was just a start though, and a sustained trend of taker CVD being buyer dominant would be necessary to indicate that a strong rally will follow. The last time the metric turned buyer dominant was in mid-November, when Solana climbed above the same $180-level. This followed a nine-month range formation under this critical resistance.
Several other cryptocurrencies, including Hyperliquid, have also seen notable gains. Hyperliquid recently hit a new ATH at $39.80, with $28 million in fresh whale buys. This collective bullish sentiment suggests that the broader crypto market may be on the cusp of a significant upward trend. The technical analysis of Solana's price movements shows a bullish market structure holding at key support levels. This, combined with the recent whale activity, suggests that buyers may be eyeing a new ATH.
In conclusion, while the market sentiment remains neutral, the recent whale activity and bullish momentum in various cryptocurrencies suggest that Solana may be ready for a breakout. The technical analysis and social media sentiment analysis both indicate a potential for a new ATH, but investors should remain cautious and monitor the market closely.

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