With Solana’s prices reversed in the short term, the Bulls created a four-straight green candle series. Once the recovery occurs, Solprit Trends will pass through the $200 psychological zone, aiming for a long-term upward trend.
Is this bullish comeback at Solana heading towards a $250 psychological belt or is it falling under local support trends? Let’s look into it.
Sol Price Chart: Bullish Pattern Formation
On the daily price chart, Solana price trends begin bullish flip rally in the morning star pattern. The Morning Star Pattern is formed with important local support trend lines, increasing the chances of bounce in Solprit trends.
Currently, the Reversal Rally has created four consecutive green candles, accounting for a price recovery of 7.52% over the past four days. Sol Price is currently trading at $203.81, up 1.66% during the day.
Symposing a potential V-shaped inversion, Solana aims to quickly challenge a low high at $220. If the upward trend maintains an advantage beyond this important level, it marks the end of the pullback phase.
Additionally, it greatly increases the chances of Solana attacking, revisiting the $250 psychological mark. Conversely, another bear inversion could put a lot of pressure on the local support trendline.
For breakdown rally, Solana’s key support levels are $180 and $170.
Momentum Indicator: Strong Signs of Comeback
Supporting the possibility of a bullish comeback, the stochastic RSI line bouncing off areas sold in positive alignments. With recent bullish crossovers, momentum indicators show Solana’s potential comeback.
Furthermore, another momentum indicator, MACD, shows a potential positive crossover. As the negative histogram decreases rapidly, the MACD and signal lines are on the verge of regaining positive alignment.
Therefore, the technical indicators maintain Solana’s positive outlook.
Institutional Activities: Smart Money Moves
A recent X post by Cryptorand suggests traders and investors a potential shift in Solana prices. A bullish reversal puts pressure on the trend of local resistance, implying a potential breakout rally.
With the total value of the Solana Network locked to $10 billion, analysts are anticipating a breakout rally in Sol’s price trends. Among the potential breakout rally, smart whales resurfaced two months later to accumulate Solana.
The whale has withdrawn 61,319 Sol tokens from Binance and Okex. The average purchase price is $202.53 and the accumulation is $12.4 million.
Previously, between December 27, 2023 and November 30, 2024, the Whale completed two profitable Solana transactions. Revenues from these transactions reached nearly $8.5 million, highlighting a 100% victory.
Therefore, due to this smart whale resurfacement, there is a potential trend reversal rally in Solana, as it boasts a return of around 40%.