Analysts Predict $400 Solana Price as Whales Buy into ‘Most Bullish Chart’

by

As a seasoned researcher with over two decades of experience in the financial markets, I have seen my fair share of market trends and patterns. However, the current Solana (SOL) chart setup has piqued my interest more than any other in recent memory. The ‘Cup and Handle’ pattern, often associated with major market bottoms, is a strong indication that we might be on the cusp of a significant rally for SOL.

The crypto market enters the new week on a bullish note as the Bitcoin price inches closer to a $70,000 resistance breakout. The bullish momentum gradually fuels bullish momentum in most major altcoins, including SOL. However, crypto analysts showcase a higher interest in Solana price movement amid the formation of its ‘Most Bullish Chart’ setup and Whale accumulation.

Right now, the price for SOL is at approximately $177 and has increased by 0.26% within the day. This increase has boosted Solana’s market capitalization to around $82.21 billion. Additionally, in the last 24 hours, the trading volume saw a significant jump of 32%, peaking at approximately $2.82 billion.

Analysts Eye $400 Solana Price as Whales Accumulate on ‘Most Bullish Chart’

In a recent tweet, market analyst CryptoBoss expresses a positive outlook on Solana (SOL), pointing out what he calls the “most optimistic chart I’ve ever seen.” His analysis of monthly charts reveals a popular reversal pattern known as Cup and Handle, which is frequently spotted at significant market lows and serves as an early indicator for substantial price increases.

In theory, this chart setup indicates a U-shaped accumulation pattern, resembling a “Cup” formation. Afterward, there’s typically a brief period of consolidation, often referred to as the “handle.” If the trend continues, the Solana price prediction suggests a potential breakout above the resistance line, which could lead to an upward surge toward $400.

Analysts Predict $400 Solana Price as Whales Buy into ‘Most Bullish Chart’

Major Holders Stake $35M in Anticipation of Breakout

Before the significant surge of SOL, on-chain information indicates increased activity from large crypto investors or “whales”. As per data from Lookonchain, a wallet labeled AA21…VxH9, known as a whale, has moved 153,511 SOL, equivalent to around $26.4 million, out of Binance over the last week and subsequently staked these tokens.

In the same vein, a wallet identified as EHax…gAUa withdrew approximately $6.12 million worth of Solana (SOL) from leading cryptocurrency exchanges Binance and Kraken over the past 4 days, swiftly staking it. Meanwhile, another large wallet, EGzi…mR7g, amassed around $2.3M worth of SOL (13,000.8 units) from Binance yesterday, boosting its staked holdings to a total of 95,651 SOL, equivalent to roughly $16.83M.

The increasing concentration of this asset among significant investors frequently aligns with significant market rebounds, suggesting a powerful surge may be imminent.

SOL Price Analysis Signals an Imminent Breakout From Bullish Pattern

In October’s thriving market, the layer-1 cryptocurrency Solana demonstrated a continuous recovery, with its price jumping from $133 to $177 – a significant 33% increase. A study of the daily chart reveals that this upward trend has been instrumental in shaping a bull pennant pattern.

Due to the impact of the pattern, the price of SOL has increased by 3%, marking a strong breakthrough above the significant resistance line. If this resistance line is subsequently flipped and serves as a supportive level going forward, it would suggest that the current upward trend is likely to persist.

The post-breakout could set an initial target of $275, a nearly 50% surge from the breakout point.

Analysts Predict $400 Solana Price as Whales Buy into ‘Most Bullish Chart’

Until there’s a misleading spike in the Solana price, it seems likely that the price will move within a flat range for now.

Read More

2024-10-28 16:34