Whales Are Buying Solana: Is a Major Move Incoming To Hit $250?

With a short-term reversal in Solana prices, the bulls have created a streak of four consecutive green candles. With the recovery run, the SOL price trend has passed the $200 psychological zone and is aiming for a long-term uptrend.

Will this bullish comeback in Solana head towards the $250 psychological zone, or is a downfall under the local support trend inevitable? Let’s find out.

SOL Price Chart: Bullish Patterns Forming

In the daily price chart, the Solana price trend starts a bullish reversal rally with a morning star pattern. The morning star pattern is formed at a crucial local support trendline, increasing the chances of a bounce back in the SOL price trend.

Currently, the reversal rally has created four consecutive green candles, accounting for a price recovery of 7.52% in the past four days. The SOL price currently trades at $203.81, with an intraday rise of 1.66%.

Hinting at a potential V-shaped reversal, Solana aims to challenge the immediate lower high at $220. If the uptrend sustains dominance above this crucial level, it will mark the end of the pullback phase.

Furthermore, it will significantly increase the chance of Solana hitting back, revisiting the $250 psychological mark. On the flip side, another bearish reversal will likely put significant pressure over the local support trendline.

In case of a breakdown rally, the crucial support levels for Solana stand at $180 and $170.

Momentum Indicators: Strong Signs of a Comeback

Supporting the chances of a bullish comeback, the stochastic RSI lines have bounced off from the oversold region in a positive alignment. With the recent bullish crossover, the momentum indicator is signaling a potential comeback for Solana.

Furthermore, another momentum indicator, MACD, is signaling a potential positive crossover. With a quick decline in its negative histograms, the MACD and signal lines are on the verge of reclaiming the positive alignment.

Hence, the technical indicators maintain a positive outlook on Solana.

Institutional Activity: Smart Money Moves In

In a recent X post by CryptoRand, the trader and investor is hinting at a potential turnaround in Solana prices. The bullish reversal is putting pressure on the local resistance trendline, hinting at a potential breakout rally.

Highlighting Solana Network’s total value locked at $10 billion, the analyst anticipates a breakout rally in SOL’s price trend. Amid the chances of a breakout rally, a smart whale has resurfaced after two months to accumulate Solana.

This whale has withdrawn 61,319 SOL tokens from Binance and OKEx. The average buying price comes at $202.53, with an accumulation worth $12.4 million.

Previously, between December 27, 2023, and November 30, 2024, the whale completed two profitable Solana trades. The earnings from these trades reached nearly $8.5 million, highlighting a 100% win rate.

Hence, with the resurfacing of this smart whale, boasting returns of approximately 40%, there is a potential trend reversal rally in Solana.