The crypto market enters the new week on a bullish note as the Bitcoin price inches closer to a $70,000 resistance breakout. The bullish momentum gradually fuels bullish momentum in most major altcoins, including SOL. However, crypto analysts showcase a higher interest in Solana price movement amid the formation of its ‘Most Bullish Chart’ setup and Whale accumulation.
Currently, the SOL price trades at $177 with an intraday gain of 0.26%. Consecutively, the Solana market cap surged to $82.21 Billion, while 24-hour trading volume spiked 32% to reach $2.82B.
Analysts Eye $400 Solana Price as Whales Accumulate on ‘Most Bullish Chart’
In a recent tweet, market analyst CryptoBoss shares an optimistic view on Solana (SOL), highlighting what he describes as the “most bullish chart I’ve ever seen. His monthly chart analysis shows a well-known reversal pattern called Cup and Handle, often identified at major market bottoms as a precursor to significant upward movements.
Theoretically, this chart setup shows a U-shaped accumulation trend represented by a Cup, followed by a short consolidation with a handle portion before a major breakout. If the pattern holds true, the Solana price prediction is poised to breach the overhead resistance trendline, setting up a rally to the $400 mark.
Major Holders Stake $35M in Anticipation of Breakout
Ahead of the major breakout, SOL’s on-chain data shows renewed activity from crypto whales. According to data from Lookonchain, a whale wallet identified as AA21…VxH9 withdrew 153,511 SOL, valued at approximately $26.4 million, from Binance over the past week and promptly staked the tokens.
Similarly, a wallet EHax…gAUa withdrew 35,498 SOL, valued at $6.12 million, from top crypto exchanges Binance and Kraken in the last 4 days and quickly staked it. Another whale wallet, EGzi…mR7g, accumulated 13,000.8 SOL (valued around $2.3M) from Binance yesterday, bringing its total staked holdings to 95,651 SOL, worth $16.83M.
This accumulation trend from large holders has often conceded with major market recovery, indicating the asset is poised for a strong breakout.
SOL Price Analysis Signals an Imminent Breakout From Bullish Pattern
The layer-1 cryptocurrency Solana showcased a sustained recovery in the Uptober market, as its price surged from $133 to $177, registering a 33% surge. An analysis of the daily chart shows this rally assisting in forming a bull pennant pattern.
Under the pattern’s influence, the SOL price is a 3% surge, offering a decisive breakout from the key resistance trendline. A successful flip of the overhead trendline into suitable support will indicate the continuation of the prevailing uptrend.
The post-breakout could set an initial target of $275, a nearly 50% surge from the breakout point.
However, until the price gives a deceptive breakout, the Solana price will continue a sideways trend.
Frequently Asked Questions (FAQs)
Analysts predict a potential rally to $400 due to SOL’s formation of the “Cup and Handle” pattern on the monthly chart,
Recently, large holders, or “whales,” have staked around $35 million in SOL, signaling confidence in its long-term value.
If SOL successfully breaks above the current resistance, the initial target is set at $275, a 50% increase from the breakout point, with potential for further gains toward the $400 mark
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/analysts-400-solana-price-whales-most-bullish-chart/
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