Significant Price Surge for Solana
During Tuesday's trading session on the U.S. market, Solana's price rose by 5%, reaching $227. This bullish momentum is attributed to the overall positive market sentiment, driven by Bitcoin's record-breaking highs. However, challenges have emerged as a major crypto whale sold a significant amount of SOL tokens, raising concerns about the sustainability of Solana's upward trend.
Currently, Solana's market capitalization stands at $108.5 billion, with a 24-hour trading volume of $7.8 billion, according to Coingecko.
Whale Dumps $193 Million Worth of SOL: Recovery Trends at Risk
A significant Solana whale recently unstaked 560,300 SOL, worth approximately $122.58 million, and transferred it to Binance, effectively emptying their wallet. This move follows a series of transactions by the same investor, who in March withdrew 993,000 SOL (valued at $155.97 million) from Binance to participate in staking when SOL's price was $157.
Over time, these tokens were gradually unstaked and sent back to Binance, culminating in today's largest and final transfer. In total, the whale moved 1.025 million SOL, valued at $193.17 million, at an average price of $188.
Historically, large whale sell-offs have often preceded market peaks or hindered recovery trends, casting doubt on Solana's near-term growth potential.
Bull Flag Pattern Signals Possible Breakout
Since late November, Solana's price has been in a steady downtrend, dropping from $264 to the current $226—a 14% decline. However, this decline has remained confined to two converging trendlines, signaling the formation of a bullish flag pattern.
This chart structure suggests that the ongoing correction is a necessary step for recharging bullish momentum. As long as the upper trendline of the pattern remains unbroken, SOL's price may experience an extended correction phase, delaying its breakout toward $300.
For buyers to regain control, a decisive breakout above the upper trendline, confirmed by a daily candle close, is crucial. Such a breakout is expected to amplify buying pressure and potentially push Solana's price to $315—a 38% increase from current levels.
The focus for buyers should remain on overcoming this critical resistance to pave the way for new highs.
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