SOL, the native cryptocurrency of the Solana ecosystem, showed a 2.6% fall during Friday’s market session. Despite the broader market uptick and Bitcoin heading for a $100k breakout, the Solana price downtick signals the continuation of the current consolidation. However, the crypto whales were not hindered as they accumulated more SOL. Is a rally to $180 close?
According to CoinGecko, the SOL market cap is at $76.45 billion, while the 24-hour trading volume is at $3B.
Whales Pull $21.8M in SOL From Kraken During Dip
In the last three weeks, the Solana price shows a steady recovery from $95.26 to $147, accounting for a 54% growth. This upswing formed with higher highs and a higher low, indicating a sustained recovery as occasional pullbacks are absorbed by renewed buying pressure.
With today’s price drop, the SOL price continues its current correction and seeks support at the $145 level. This discounted value attracted large-scale investors, signaling a buy-the-dip sentiment emerging in the market.
According to Lookonchain data, three newly created wallets collectively withdrew 145,000 SOL, valued at approximately $21.8 million, from Kraken’s crypto exchange within a single hour of reporting.
Such an accumulation trend during price lows hints at a change in market sentiment and could support a bottom formation for a potential rally.
Sonala Price Eyes 22% Surge Before Major Breakout
On April 22nd, the Solana price gave a bullish breakout from the last lower high formation of $145.2. Since then, the coin price has been hovering above this level, trying to validate it as suitable support before the next leap.
The sideways action also retested the 20-and-50-day exponential moving average, reaffirming the initial change in market sentiment. If the support holds, the coin buyers could drive another 22% surge to $180 resistance.
The potential surge could develop into a well-known reversal pattern called a rounding bottom pattern. This chart setup is characterized by a U-shaped recovery, representing an initial downtrend shifting to sideways accumulation and then recovery.
A potential breakout from the $180 resistance will complete the pattern and set a rally to $25.
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