Whales accumulate $60 million in SOL, signaling confidence and a potential price breakout.
Solana's price holds above $230, indicating strong support amid bullish market sentiment.
Key resistance at $260 could trigger Solana's rally toward the $500 psychological level.
The cryptocurrency market is regaining its upward momentum, with Bitcoin maintaining sustainability above $95,000. Alongside, altcoins like Solana are exhibiting signs of recovery, buoyed by significant whale activity. Solana's price currently stands at $240, reflecting a 1.3% daily gain. Its market cap has reached $114.5 billion, with a 24-hour trading volume of $4.89 billion, as per Coingecko data.
Notable Whale Movements
Recent on-chain data has unveiled substantial Solana (SOL) accumulation by two major wallets. These wallets have collectively withdrawn 250,109 SOLs valued at $60 million from Kraken over the past month. This large-scale movement, as identified by Lookonchain, often hints at a bullish market outlook. Historically, such whale actions have preceded significant price rallies, marking them as potential indicators of upcoming breakouts.
https://twitter.com/lookonchain/status/1862322538854129779
Solana has seen a slight correction recently, with its price dropping from $264 to $241. This decline follows a strong November rally and represents a pause in overextended bullish momentum. Despite this dip, the asset's position above the fast-moving 20- and 50-day exponential moving averages underscores a bullish market sentiment.
Key Resistance Levels in December
As Solana's price consolidates, the $260 resistance level emerges as a critical barrier to future growth. A successful breakout above this level could end a 37-month-long accumulation phase and propel the price toward the $500 mark.
However, a failure to sustain above the $230 support level may result in a prolonged correction. In such a scenario, buyers are likely to find support at the $200 and $180 levels. Daily exponential moving averages also suggest these levels as potential pullback zones, providing a cushion against further declines.
