Solana (SOL) is showing signs of a bullish recovery after a prolonged period of stagnation. The altcoin has managed to break a long-standing descending trendline, igniting hopes of a sustained price rally.
According to data from Lookonchain, a notable whale unstaked nearly 100,000 SOL tokens and transferred them to Binance in the last few hours. This move followed a four-year holding period, with the average purchase price at $27. Despite this large transfer, the whale still holds over a million SOL, with realized profits exceeding $153 million.
Solana’s current market standing shows distribution phase continuity since a full breakout requires the CMF indicator to surpass zero. When this condition occurs, the token will transition to an accumulation phase, enabling a stable uptrend.
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Market enthusiasts retain a hopeful attitude toward the market despite concerns about a huge transaction involving whales. If SOL breaks out of the $150 resistance point, new buying interest will enter the market, creating an opportunity to cross the $200 level.
Solana continues to experience unpredictable technical indicators and fluctuating price patterns resulting from wealthier traders’ movements in the market. Analysts predict a possible market increase soon because both adoption levels and market prices are increasing.
Market Indicators Suggest Bullish Momentum Amid Caution Signals
Momentum indicators are showing mixed signals, with the MACD on track for a bullish crossover, suggesting growing buying interest. On the other hand, the Chaikin Money Flow (CMF) has dipped below zero, indicating a short-term decline in liquidity inflows.
Solana’s current market standing shows distribution phase continuity since a full breakout requires the CMF indicator to surpass zero. When this condition occurs, the token will transition to an accumulation phase, enabling a stable uptrend.
Market enthusiasts retain a hopeful attitude toward the market despite concerns about a huge transaction involving whales. If SOL breaks out of the $150 resistance point, new buying interest will enter the market, creating an opportunity to cross the $200 level.
Solana continues to experience unpredictable technical indicators and fluctuating price patterns resulting from wealthier traders’ movements in the market. Analysts predict a possible market increase soon because both adoption levels and market prices are increasing.
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