Solana (SOL) has captured the attention of high-leverage traders, with a notable $12 million perpetual futures position signaling strong bullish sentiment.
Price consolidation near key resistance levels between $155 and $165 reflects cautious optimism among spot traders, while leveraged players position for a potential breakout.
According to COINOTAG, the decisive long entry at $153 by whales indicates growing confidence that Solana’s current range could be the launchpad for a significant upward move.
Solana’s $12M leveraged position highlights bullish momentum as it approaches key resistance zones, with traders eyeing a potential breakout toward $200.
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Recent market activity reveals that Solana has become a focal point for traders employing aggressive leverage strategies. The opening of a whale-sized perpetual futures position valued at over $12 million with 10x leverage underscores a strong conviction in SOL’s upward potential. This move aligns with Solana’s price action, which has been consolidating just below critical resistance zones clustered between $155 and $165. The consolidation phase is marked by higher lows since June, indicating a gradual recovery from previous dips and a strengthening bullish trend. Volume analysis shows steady engagement, albeit at a more measured pace compared to the intense buying waves seen earlier in the year. This suggests that while momentum is building, many spot traders remain cautiously optimistic rather than fully committed.
From a technical perspective, Solana faces several hurdles on its path to the next psychological milestone near $200. The immediate resistance at $175 has historically proven challenging, with prior attempts triggering notable retracements. This level acts as a critical test for the bulls, as failure to breach it could invite selling pressure from profit-taking traders and bears anticipating a reversal. Furthermore, the relative strength index (RSI) approaching overbought territory signals the possibility of a short-term pullback before any sustained upward momentum can continue. Nevertheless, the broader trend remains bullish as long as SOL maintains its position above short-term moving averages and continues to attract fresh long interest from leveraged traders.
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Source: https://en.coinotag.com/solana-sees-increased-leveraged-positions-as-it-approaches-key-resistance-near-175/