- Solana’s bullish trend is supported by rising open interest and technical indicators.
- Key resistance levels could determine Solana’s ability to maintain momentum.
Solana (SOL) has again captured attention with its recent price movements and significant whale activity. Yesterday, Solana hit a 17-day high of $162, marking an 8% surge over the past seven days. Currently, SOL is trading at $159, experiencing a modest 0.46% decline, while its trading volume has spiked by 24% in the last 24 hours.
Market analysts point to these whale movements and technical indicators as signs that Solana may be on the cusp of a notable price rally. Just hours ago, two wallets withdrew 91,424 SOL, worth $14.44 million, from Binance, later depositing the amount into Kamino. A whale purchased and staked 28,717 SOL in another significant transaction, valued at $4.56 million. Such substantial whale accumulations have been observed over the past few weeks, adding fuel to Solana’s bullish narrative.
Prominent crypto analyst Ali suggests that if SOL exits its current accumulation phase, it could see a price surge of up to 33.15%, potentially pushing its value above $200 shortly. Meanwhile, open interest (OI) in SOL has steadily risen, indicating increased trading activity and interest among retail traders.
When Will SOL Hit $200?
Technically, Solana remains in a bullish trend, with the daily chart showing a 9-day Exponential Moving Average (EMA) at $153.40. The Relative Strength Index (RSI) stands at 56, reflecting a neutral market condition.
Key resistance levels for SOL are identified at $173 and $190, which, if breached, could pave the way for further gains. However, any bearish sentiment might see SOL retreating to $150, with additional support at $136.
As Solana approaches these critical resistance levels, its ability to maintain momentum will be crucial. Traders and investors are closely watching for continued strength or potential reversals in the coming days, as the market speculates on SOL’s chances of breaking the $200 barrier.
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