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<p>Solana (SOL) is rebounding, backed by high whale movement and bullish technical indicators. From a low of $120, SOL has found support and is trading close to $132 with both technical indicators and whale activity being positive. </p> 
<p>In the last 24 hours, the price has gone up by 4.58% which suggests that more investors are buying due to increased interest.</p> 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="845" height="536" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-4-2.png" alt="SOL Price Overview | Source: CoinMarketCap" class="wp-image-708352" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-4-2.png 845w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-4-2-300x190.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-4-2-768x487.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-4-2-150x95.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-4-2-696x441.png 696w" sizes="(max-width: 845px) 100vw, 845px">
 <figcaption class="wp-element-caption">
  SOL Price Overview | Source: CoinMarketCap
 </figcaption>
</figure> 
<p>However, Solana is dealing with retracement at major levels, especially at $137. The broader market is also recovering, with Bitcoin returning to $58,000, and Solana will be facing a major test at the $150 level. Whale buying activity is also an indicator of possible bullish momentum as the price tries to overcome crucial resistance levels.</p> 
<h2 class="wp-block-heading" id="h-whales-accumulate-solana-driving-up-bullish-sentiment"><strong>Whales Accumulate Solana, Driving Up Bullish Sentiment</strong></h2> 
<p>As the&nbsp;<a href="https://www.thecoinrepublic.com/2024/09/03/solana-price-gains-over-500-in-1-year-despite-massive-outflows-whats-next/">SOL price</a>&nbsp;rises, whales are buying more Solana tokens, which is a good sign for the cryptocurrency. </p> 
<p>Recently, a whale bought 34,807 SOL tokens worth $452 million and staked more than 115,000 SOL tokens, showing a long-term investment. This large accumulation is considered a bullish signal for the market, as the whales anticipate that the price will increase in the following weeks.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">A whale bought 34,807 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a>($4.52M) again 12 hours ago!<br><br>Since Feb 7, this whale has withdrawn 206,951 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a>($29.3M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> and <a href="https://twitter.com/hashtag/MEXC?src=hash&amp;ref_src=twsrc%5Etfw">#MEXC</a> at an average price of $142 and staked 115,135 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a>($15.3M).<a href="https://t.co/rnrXRXmNkB">https://t.co/rnrXRXmNkB</a> <a href="https://t.co/Ce6DqyVvvQ">pic.twitter.com/Ce6DqyVvvQ</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1833350075936084480?ref_src=twsrc%5Etfw">September 10, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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<p>However, while this buying pressure is still very much present, some whales are unloading their coins. Another whale made a transaction of 20,000 SOL tokens which is equivalent to $2.66 million. Nevertheless, the majority of the major holders are still bullish, with more accumulation rather than selling in recent months.</p> 
<p>These whale activities have offered significant support to Solana as it continues to be rejected at key resistance levels. The $120 support has remained resistant, and many are now eyeing the $150 level as the next potential focal point for the cryptocurrency.</p> 
<h2 class="wp-block-heading" id="h-solana-faces-key-technical-challenges-amid-rising-momentum"><strong>Solana Faces Key Technical Challenges Amid Rising Momentum</strong></h2> 
<p>Solana is not doing well technically, but there are some indications that it may see a breakout. The price is still unable to break through the 20-day Exponential Moving Average (EMA), resulting in some consolidation. However, on the 4-hour chart, there is a rounding bottom pattern which indicates that the market may overcome these barriers shortly.</p> 
<p>Solana has retraced from the 23.60% Fibonacci level and is currently finding resistance near the 38.20% Fibonacci level at $141. A price breakout above this resistance level may result in a rally toward the $160 level if the current bulls’ charge is sustained.</p> 
<p>Furthermore, Solana is currently trading within the confines of a falling wedge pattern, which is a bullish reversal pattern. If Solana manages to break out from this wedge, the&nbsp;<a href="https://www.thecoinrepublic.com/2024/08/30/solana-stable-at-145-experts-predict-10x-gains-in-the-near-future/">price</a>&nbsp;could go towards $160, given the extent of the move from the breakout point of the wedge. The MACD also indicates a potential bullish crossover which combined with the current price action supports the projection of price increase.</p> 
<h2 class="wp-block-heading" id="h-sol-price-to-reach-150-key-levels-to-watch"><strong>SOL Price to Reach $150? Key Levels to Watch</strong></h2> 
<p>Solana is getting to a crucial point, and the $150 mark is the next critical level of resistance. The $137 level, which corresponds to the 2360% Fibonacci retracement, remains a major challenge to the cryptocurrency. A move above this level would pave the way for more gains towards $150 and above.</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="490" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-5-2-1024x490.png" alt="Solana Price SOL/USD 4Hour | Source: Trading View " class="wp-image-708346" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-5-2-1024x490.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-5-2-300x144.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-5-2-768x368.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-5-2-1536x735.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-5-2-150x72.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-5-2-696x333.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-5-2-1068x511.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-5-2.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  Solana Price SOL/USD 4Hour | Source: Trading View 
 </figcaption>
</figure> 
<p>If Solana can sustain its uptrend and go beyond the $138 ceiling, the price may rise to the $160 region, by the 61.8% Fibonacci retracement. The increasing whale activity and overall market recovery, as a result, indicate that Solana could be preparing to make a significant move upward.</p> 
<p>Nevertheless, if the price fails to break through the $138 level, it may find support at $120. A break below this support could result in further selling pressure and push prices as low as $110. The price action in the following days will determine if Solana can continue with the bullish sentiment and move further upwards.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/09/10/solana-whales-buy-big-bullish-breakout-looming-for-sol-price/">Solana Whales Buy Big: Bullish Breakout Looming for SOL Price?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Solana Whales Buy Big: Bullish Breakout Looming for SOL Price?

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