September hasn’t really started well for crypto, but since yesterday we’re seeing a market recovery. Bitcoin broke past $57k, while altcoins started to bounce as well.
The Solana price is up 4.4% today, which means it’s now trading around $134.
What could potentially be encouraging for Solana hodlers is the most recent LookOnChain report from this morning. They reported that a whale bought 34,807 SOL ($4.52M) just 12 hours ago. Since February 7, this whale has withdrawn 206,951 SOL ($29.3M) from Binance and MEXC at an average price of $142 and staked 115,135 SOL ($15.3M).
Whales accumulating Solana like this in millions could be a positive sign for SOL price.
A whale bought 34,807 $SOL($4.52M) again 12 hours ago!Since Feb 7, this whale has withdrawn 206,951 $SOL($29.3M) from #Binance and #MEXC at an average price of $142 and staked 115,135 $SOL($15.3M).https://t.co/rnrXRXmNkB pic.twitter.com/Ce6DqyVvvQ
— Lookonchain (@lookonchain) September 10, 2024
Solana Price Holds Crucial Support
Miles Deutscher posted a Solana chart today on his Twitter account, providing insights into SOL’s price action. The chart covers a period from early 2023 to September 2024, offering a broad understanding of Solana’s performance over time.
A prominent horizontal support line is drawn at approximately $120. This level has been tested several times during the charted period, particularly in April, May, and most recently in September. The price appears to have bounced off this support multiple times, confirming its importance.
Source: X/@milesdeutscher
On the upside, SOL faced significant resistance around $215 in March 2023. The price formed a double-top-like structure around that level before a sharp sell-off occurred.
Solana Price Prediction
Currently, SOL is trading around $133 after testing the crucial $120 support level. This support is critical, as a breakdown below could lead to further downside, while a bounce might signify another attempt to rally back toward the $150-$175 range.
The recent price action shows lower highs around $135 and $145, indicating that buyers are struggling to regain momentum. For a bullish reversal, SOL needs to break above the $145-$150 region and head toward the $175 resistance.
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The $120 support line, referred to as the “final boss” level in Deutscher’s tweet, has been a critical pivot point in SOL’s price action. Holding above this level is crucial for any bullish reversal. If the price breaks below $120, it may trigger further selling and downside targets closer to $100 or even $90.
Read also: TON Metrics Are On The Rise, as Toncoin Price Pumps
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The post Whales Massively Buying Solana! This Trader Predicts Where Is The SOL Price Headed Next appeared first on CaptainAltcoin.
