4% Solana Price Rally Obliterates $1M Sell Wall, Is $150 Next?

Bullish momentum is building around the Solana price after rising by nearly 4% in the last 24 hours to trade at a three-week high of $139. This rally has obliterated a $1 million sell wall, with traders now wondering how high SOL will rally and whether the $150 price level is next. 

Solana Price Rallies As It Obliterates $1M Sell Wall 

Solana price is recovering after breaking past a key resistance zone at around $138. This rally led to liquidations of $1M, as depicted by the SOL liquidation heatmap. After clearing this sell wall, SOL now looks primed to bounce to $150 if buyers maintain control. 

Data from Coinglass further shows that the recent surge in buying pressure around Solana also occurred after more than $13M in short liquidations. The closure of these short positions caused a spike in buying activity, which created the buy-side demand to meet the selling pressure from the limit sell orders. 

As more short positions are liquidated as the Solana price rallies, it makes a bullish case for this altcoin, suggesting that the uptrend may be sustained.

Solana Technical Analysis as SOL Eyes $150

Solana price is trading within a high value area between $126 and $170. If SOL sustains the uptrend and holds levels above $138, it could result in an uptrend to the PoC line of $142. Making a decisive close above the $142 will push the altcoin past $150 to $183. 

At the same time, SOL remains under bearish pressure and risks facing rejection at $138 again if buying pressure is insufficient to absorb selling demand. Being rejected here could lead to the Solana price retesting support at $126.

If the downtrend continues and SOL fails to hold support at $126, it will flip the market structure to bearish and accelerate the downtrend to $100. Breaking the psychological level of $100 will then push SOL to $74. 

Network Activity Makes Bullish Case for SOL Price 

The Solana blockchain has recorded a significant uptick in activity, further making the case for a bullish Solana price prediction. Data from DeFiLlama shows that the market cap of stablecoins on the SOL network has surged to $12.72 billion after increasing by more than $170 million within seven days. 

At the same time, data from DappRadar shows that Solana dApp volumes have increased by 16% in the last seven days to $852 million. This further highlights that the Solana network is recording massive adoption, which may precede gains in the price. 

Considering these factors, it is likely that the Solana price will soon rally to $150 amid a surge in buying activity and blockchain usage. However, for SOL to sustain this uptrend, it needs to make a decisive close above $138 and move above the PoC of $142 to rally to $183. 

✓ Share:

muthoni

Muthoni Mary is a seasoned crypto market analyst and writer with over three years of experience dissecting blockchain trends, price movements, and market dynamics. With a sharp eye for technical analysis and an in-depth understanding of on-chain metrics, she delivers insightful, data-driven content that helps investors navigate the fast-paced world of digital assets.

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.