Price Analysis

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

The Solana price surged 47% to $178 amid July's market recovery. A significant rise in Futures Open Interest and bullish technical indicators suggest strong trader engagement.
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Solana Whales Stake $41 Million in 2 Days as SOL Edges Closer to 50% Breakout Rally

Highlights

  • The SOL price breakout from the triangle signals the continuation of the prevailing market rally.
  • The 20D and 50D EMA can offer suitable pullback support to buyers amid the ongoing rally.
  • The 24-hour trading volume on the Solana coin is $2.8 Billion, indicating a 14.5% loss.

On Wednesday, the Solana price jumped 4.5% to $180, projecting its suitability above the $170 floor. The renewed demand force followed a recent accumulation of two whales amid a minor pullback in SOL earlier this week.

In the past two days, on-chain data tracker Lookonchain reported two whales collectively withdrew 238,893 SOL, valued at approximately $41.4 million, from the Binance exchange. The funds were subsequently staked, indicating a strategic decision by these large holders to earn staking rewards while likely maintaining their bullish stance on the asset.

The rising price shows a suitable follow-up to the triangle pattern after 4 months of consolidation, indicating a potential regain directional rally.

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Solana Triangle Breakout Signals Strong Upside 

Amid the July market recovery, the Solana price recorded a parabolic growth in the daily chart. The bullish upswing boasted the asset from the correction bottom of $121 to current trade at $178, registering a 47% rally.

Simultaneously, the Futures Open Interest in the Solana network saw a significant increase, rising from $1.77 billion to $2.81 billion—a 58.7% jump. This substantial growth in open interest indicates a heightened level of trader engagement and bullish sentiment in the SOL futures market.

SOL Futures Open Interest| Coinglass

The recovery managed to reshape daily EMAs into a bullish alignment (20>50>100>200) indicating market sentiment of an established uptrend. On July 20th, the rising SOL price gave a bullish breakout from the upper boundary of the triangle pattern, signaling the end of its 4-month consolation.

Under the influence of this chart setup, the Solana coin resonated between two converging trendlines, recuperating its bullish momentum after the past rally. The recent breakout has flipped the downsloping trendline into suitable support for the next leap.

Solana| Tradingview

The ADX slope rising above 26% indicates a growth recovery trend and sufficient room for a prolonged rally.

The post-breakout rally could drive the SOL price prediction target to $266, registering a potential growth of 50%.

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Conclusion.

Solana demonstrates strong bullish momentum, underscored by strategic whale activities and significant technical indicators. A breakout from a four-month consolidation and a sharp increase in Futures Open Interest highlight robust market confidence. With technical indicators supporting the ongoing rally, Solana is well-positioned to chase a $266 high.

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Frequently Asked Questions

How do "whale activities" influence cryptocurrencies?

Whale activities refer to large movements of cryptocurrency by individuals or entities with significant holdings. These actions can have a substantial impact on market trends.

How does Futures Open Interest impact market sentiment?

Futures Open Interest refers to the total number of outstanding futures contracts in the market. A significant increase, like the 58.7% jump in Solana's Futures Open Interest, indicates that more traders are entering the market, expecting future price movements, which can lead to increased volatility and potential price surges.

What does the ADX indicator signal?

The ADX (Average Directional Index) indicator signals the strength of a trend in the market, regardless of whether the trend is bullish or bearish
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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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