SOL Price Eyes $150 as Whale Activity Signals Fresh Rally!

Now that Bitcoin is again above $56,000, the bulls are again for the altcoins. Solana enters the listing of high performers with a bullish development and a sudden restoration. By sustaining dominance above the vital assist, SOL worth provides a chance to purchase the dip. Will this potential bull cycle regain the $150 mark? Learn this evaluation for extra info!

SOL worth efficiency

Within the weekly chart, the SOL worth development exhibits fixed assist from the 50% Fibonacci stage at $129.87 and the 50 weekly EMA. Presently, the weekly chart is displaying a consolidation section between the 78.60% Fibonacci stage at $198, with backside assist on the 50% Fibonacci stage.

Trading view

The decrease excessive formation inside the consolidation vary reveals a weak point in bullish momentum. Nonetheless, the latest risk of a morning star sample close to the essential assist signifies a brand new bullish cycle.

The DMI indicator within the weekly chart reveals an indecisive development between the VI traces. Moreover, in the course of the SOL worth consolidation section, a downward development is seen within the ADX line.

So the momentum is reducing, however the development has but to be decided. A bullish cycle will reveal a optimistic alignment within the VI traces, and a possible upswing within the ADX line will assist assist the uptrend.

Utilizing the trend-based Fibonacci stage, the uptrend of SOL worth exhibits the following resistance at 23.60% at $173. The subsequent resistance is on the ceiling of $200 and $224.

Solana whales again for extra?

A Solana whale lately received 34,807 SOL tokens, which quantities to $4.52 million. That is half of a bigger accumulation technique, which has seen the whale withdraw practically 206,951 SOL tokens price $29.3 million.

These withdrawals got here from Binance and MEXC, with a mean buy worth of $142. Following this aggressive buy, the whale continued the momentum by staking 115,135 SOL tokens, price $15.3 million, indicating a calculated long-term play.

Solana’s 4-hour consolidation

On the 4-hour chart, SOL worth motion exhibits a consolidation between the 38.20% and 23.60% Fibonacci ranges at $136.65 and $125.81 respectively. The bullish restoration surpasses the 50 EMA and challenges the 38.20% stage.

Trading view

Nonetheless, the night star sample is delaying the bullish breakout. In a bullish breakout, the Solana worth development is prone to attain the $156 mark at $68.10. Alternatively, the essential assist for the Solana worth motion is at USD 125.81 and USD 110.07.

Interested by the way forward for Solana? Learn our Solana (SOL) worth forecast for an summary of long-term targets!