Solana Whales Stake $41 Million in 2 Days as SOL Edges Closer to 50% Breakout Rally

As a seasoned crypto investor with over five years of experience in the market, I have witnessed numerous price fluctuations and trends. The recent surge in Solana’s price, as reported by the news, has caught my attention due to its significant technical indicators and strategic whale activities.On Wednesday, the price of Solana surged by 4.5% to reach $180, demonstrating its worthiness above the $170 support level. This price increase was driven by renewed demand, which emerged after two major investors (referred to as “whales”) bought large quantities of SOL during a minor market correction earlier in the week.
Over the past two days, according to the on-chain data monitor Lookonchain, two major crypto investors, or “whales,” have withdrawn a combined total of 238,893 Solana tokens (SOL), equivalent to around $41.4 million, from Binance exchange. The withdrawn funds were then staked, suggesting these large-scale investors aim to reap staking rewards while possibly maintaining their optimistic outlook on the SOL asset.
After four months of price stability within a triangle formation, the recent upward trend suggests a likely continuation of this movement, potentially leading to a strong resumption of the uptrend.

In the past 2 days, 2 whales withdrew 238,893 $SOL ($41.4M) from #Binance and staked it!
— Lookonchain (@lookonchain) July 24, 2024
Solana Triangle Breakout Signals Strong Upside 
During the market bounce-back in July, the value of Solana surged dramatically in its daily chart, exhibiting a parabolic price increase. This bullish surge propelled the asset from its correction low of $121 to its current trading price at $178, resulting in a remarkable 47% rise.
Concurrently, the Open Interest for Solana’s Futures contracts experienced a considerable surge, escalating from $1.77 billion to $2.81 billion—representing a 58.7% growth. This substantial expansion in open interest signifies increased trader involvement and optimistic anticipation among participants in the SOL futures market.

The daily moving averages, which had been shaping up in a bullish manner (with the 20-day average crossing above the 50-day, then the 100-day, and finally the 200-day), suggested that the market was in an established uptrend as of July 20th. On this date, the price of SOL surged upwards, breaking out from the upper boundary of its triangle pattern, signaling the end of its four-month correction period.
As a crypto investor, I’ve noticed that Solana’s price action has been influenced by this chart setup. The coin bounced back and forth between two converging trendlines, regaining its bullish momentum after the recent rally. The latest breakout transformed the previous downward-sloping trendline into a suitable support level for the next price surge.

With an ADX slope surpassing 26%, there’s a strong sign of a recovering trend and ample potential for an extended price increase.
After a significant price increase, also known as a breakout, the Solana (SOL) cost might be projected to reach $266. This represents a possible gain of approximately 50%.
Conclusion.
Solana exhibits powerful bullish signs, as evidenced by strategic whale transactions and notable technical markers. A rupture from a four-month price plateau and a substantial surge in Futures Open Interest reveal robust investor confidence. With technical indicators bolstering the ongoing upward trend, Solana is poised to reach for its previous peak of $266.