SOL Whale Movements Hint at Potential Price Breakout

Solana's price has recently made a notable recovery, climbing 2.64% in a single day with a trading volume of $3.604 billion. The Solana price has managed to regain the $240 level, but it’s still 6.53% off its All-Time High (ATH) of $246.78. As the market shifts, many are wondering whether Solana can push higher or face a continued decline. Here's a closer look at the current situation.

Solana Price Today: Key Levels to Watch in December Levels


The Solana coin price is currently facing resistance at the Simple Moving Average (SMA) on the daily chart. This suggests an increase in bearish sentiment, with many investors cautious about a potential pullback. Additionally, the MACD indicator is showing a steady rise in the red histogram, signaling that a bearish crossover could lead to a decline in the Sol crypto price over the next few weeks.

Can Solana Reclaim $250 and Beyond?

If the bulls regain control, Solana price now could rise back toward $250. A sustained move above this resistance level could potentially pave the way for a push Solana price toward $300 by the end of this year. However, if the market turns bearish, Solana price could fall to its next support level at $210, with the risk of further drops to $181 if selling pressure increases.

SOL dApps Flips Ethereum


One positive factor for the Solana price is the growing adoption of its ecosystem, particularly in decentralized applications (dApps). For the first time, Solana’s network has surpassed Ethereum in monthly protocol fees. Solana’s price of Solana has been directly impacted by this surge in demand, highlighting the network's scalability and cost efficiency.

Also Read: VeChain Price Prediction: Will VET Price Hit $0.1?

Whale Activity Points to a Potential Price Breakout


Despite recent price drops, whale activity is showing signs of bullish sentiment. Two wallets, suspected to belong to the same entity, have withdrawn 250,109 SOL (worth around $60 million) from Kraken over the past month. Historically, such whale movements have often coincided with market bottoms, indicating that a breakout could be on the horizon for the Sol coin.

Sol Price Prediction: What’s Next for Solana?

As the market continues to evolve, the Sol price prediction remains cautiously optimistic. If Solana can maintain its momentum and break through key resistance levels, the Sol crypto price could see significant gains. However, investors must remain alert to potential market corrections that could bring the Solana price back down to lower support levels.

In summary, the Solana coin price is at a critical juncture. With growing adoption and strong whale activity, there is potential for a bullish reversal. However, bearish signals from technical indicators and the broader market need to be monitored closely. Keep an eye on the market to see if Solana can continue its upward trajectory or face a deeper decline.

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