With a Bottom Reversal and Growing Whale Interest, Will Solana (SOL) Surpass $150 Soon?
Over the past 24 hours, the cryptocurrency market has rebounded, with increasing chances of positive CPI data being released on September 11. Amid this growing bullish momentum, the cryptocurrency market has seen $127 million in liquidations, wiping out $93 million in short positions.
In a recovering market, Bitcoin has regained the $58,000 mark but is currently trading at $56,631, up 2.89% in the last 24 hours. With Bitcoin prices rising, altcoins are on the move again.
Among the top performers, Solana is making a comeback with a 3.58% jump in the last 24 hours and is currently trading at $132. With a market cap of $62.345 billion, Solana ranks fifth in the broader cryptocurrency market.
Solana rebounds from $120
On the daily chart, Solana price is revealing a bullish reversal from the $120 support zone by taking a price rejection below $120.58. After a bullish weekend with a 2.16% and 1.89% jump, the momentum continues with a 3.81% jump on Monday.
However, Solana price is struggling to break above the 20-day EMA, leading to a 1.20% pullback due to bullish exhaustion. Currently, a bearish intraday candle is visible at the 20-day EMA.
The crucial daily moving averages remain bearish, with the 50-day moving average (yellow) teasing a deadly crossover with the 200-day moving average (blue). However, the MACD indicator shows the MACD line and the signal line in the terms of a bullish crossover.
Rounding inversion for Solana
On the 4-hour chart, the unique price action projects a potential reversal of the rounding bottom from the 23.60% Fibonacci level. Asserting dominance over the 20 and 50 EMAs on the 4-hour chart, the recovery rally challenges the 100 EMA.
However, an Evening Star pattern quickly stops the uptrend and delays the positive crossover between the 20 and 50 EMAs. Nevertheless, based on the rounding bottom possibilities, a bullish continuation above the 38.20% Fibonacci level at $141 will test the neckline at the 61.80% Fibonacci level at $160.
Solana’s Polarizing Whales
In the latest positive news, a Solana Whale purchased 34,807 Solana tokens worth $4.52 million earlier today. Since February 7th of this year, the whale has moved into self-custody of approximately 207,000 SOL tokens worth more than $29 million.
The whale removed the tokens from Binance and MEXC exchanges at an average value of $142. After the purchase, the whale makes a smart move by staking 115,135 Solana tokens worth $15.3 million.
However, another Solana Whale has consistently maintained a selling frenzy on the opposite front. Today alone, the whale sold 20,000 Solana tokens worth $2.66 million.
Since the beginning of the year, the whale has completed a full sale of 715,000 Solana tokens worth $102 million while maintaining a balance of 1.8 million staked SOL tokens worth $246 million.
Crucial Levels for Solana
Based on the daily chart, Solana price action reveals a difficulty in breaking above the 23.60% Fibonacci level at $137. A bullish breakout will lead the price to rise to the psychological mark of $150 near the 38.20% Fibonacci level.
On the other hand, a bearish reversal would retest the $120 support.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
