What to know:
- Solana price breaks out of a falling wedge, signaling a potential bullish reversal toward the $97.50 target.
- SOL price gains 1.3% as improving momentum pushes the cryptocurrency toward key $80 and $85 resistance levels.
- A newly created whale wallet opens a 20x leveraged SOL long targeting 500,000 SOL worth approximately $22.78 million.
Solana (SOL) is showing renewed bullish momentum after breaking out of a falling wedge pattern. Meanwhile, a whale has opened a heavily leveraged long position, highlighting strong market confidence. The combination of improving technical momentum and large-scale accumulation could support further recovery, although downside risks remain.
At the time of writing, SOL is trading at $76.43 with a 24-hour trading volume of $1.2 billion and a market capitalization of $44.5 billion. Following the 1.3% gain over the last 24 hours, the SOL price structure and whale accumulation point to a bullish reversal ahead.
Source: CoinMarketCap
Also Read: Solana Price Targets $78 After Strong Support Hold and Deflationary Upgrades
Solana Price Breakout Signals Rally Toward $97.50
According to the crypto analyst Gerla, Solana (SOL) has broken out of a falling wedge pattern, challenging the downtrend that had pressured its price.
Buyers successfully defended key support before pushing SOL above the pattern’s upper trendline, signaling improving momentum. The breakout could indicate that selling pressure is fading and that bulls are preparing for another sustained recovery if support continues holding firmly.
Source: Gerla’s X Post
After the breakout, traders will be watching $80 to become the initial target of the bulls, with the next targets being $85 and $97.50. With a successful rise above these levels, it would help reinforce bullish sentiment in order to pave the way towards $97.50.
As long as the breakout pattern holds and there is increased buying pressure, the rise will definitely be very fast.
SOL Whale Signals Bullish Move With 20x Long
The data from Lookonchain further highlighted that a recently created wallet has received 8.43 million USDC and taken a 20x leverage long position on 500K SOL worth around $22.78 million.
The large investor is said to be employing a TWAP strategy for taking the position in bits and pieces instead of a single transaction. So far, 199,838 SOL worth $15.2 million have been acquired.
Source: Lookonchain’s X Post
The pending orders may add more buying momentum upon execution, but the high leverage poses a great risk of liquidation if SOL goes against the trade.
The big USDC balance and accumulation strategy have caught the attention of traders tracking on-chain movements. But the placement of this order alone is no assurance of an upward trend in Solana.
Following the bullish price predictions and strong whale activity, the SOL price is moving in a positive trajectory. However, the general trend in the crypto market is neutral due to BTC hovering around $64K, which could also impact the next move for the SOL price.
What Happens Next for Solana?
Solana traders will be on the lookout if SOL manages to hold its breakout from the falling wedge and continues trading above $80 and $85.
A clear breakout could help build further bullish pressure for the price towards $97.50. However, more accumulation by whales and the 20x leverage position is also risky in the event of a reversal.
Also Read: Solana Price Targets $120 as Stablecoin Liquidity and Network Revenue Rise
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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