- Solana emerges from a bear market, showing bullish potential as the crypto market recovers.
- A bounce from $189 support and resistance break suggests Solana may start a bullish rally.
- Whales’ return to market boosts buying pressure, signaling further price increases.
Solana (SOL) is well poised for a bullish run as the crypto market rebounds from recent corrections. Having been in the bear territory for quite some time, Solana has finally emerged from the bearish territory and provided traders with some hope. The current trend is positive in the direction of the bulls, and recent prices signal an upward turn in the next few weeks.
Solana’s Price Reversal
On the 4-hour chart, Solana has rebounded strongly from the 189 support level. After attempting to break $295, Solana entered a pullback phase, experiencing a 35% decline. Once retracing to this price level, it established a falling channel pattern to suggest a further downside move. However, the price has now broken above the resistance trendline, which indicates a potential double-bottom reversal.
The 4-hour RSI is approaching the overbought territory, signaling strong bullish momentum. Furthermore, the MACD line has crossed above the Signal line, confirming bullish momentum. From this, Solana’s outlook gets quite bullish, especially with the surging price, which indicates a bigger rally.
Related: Coinbase Plans Solana Futures Amid Rising Market Demand
Whale Returns and Profit
Besides the technical indicators, Solana is graced by the re-emergence of whales in the market. Whale address ‘GJwCU’ has recently become active again, withdrawing 30,901 SOL from Binance. This transaction, valued at approximately $6.24 million, follows a profitable trading period for the whale between December 2023 and February 2024. During that period, the whale made $8.15m and had an ROI of 21.9%.
Another previously inactive whale came back to activity after two consecutive months of inactivity. This whale sold 61,319 SOL on Binance and OKX trading platforms at an average cost of $202.53 for each token, amounting to $12.4 million. This sale contributed to the whale’s overall trading activity between December 2023 and November 2024, which has generated $8.47 million in profit with a 100% success rate. With increased whale activity, buying pressure on Solana may strengthen, potentially driving prices higher.
