Key Points
- Solana’s price momentum is nearing key resistance levels as whale accumulation increases.
- Solana has surpassed Ethereum in 7-day DEX volume, hinting at a possible bull run.
Solana’s [SOL] price is nearing crucial resistance levels, and its accumulation by whales is on the rise. This is leading to increased speculation about the cryptocurrency’s future.
Solana’s Bullish Potential
Solana has outperformed Ethereum in terms of 7-day DEX volume, recording $11.8 billion compared to Ethereum’s $9.2 billion. This has sparked curiosity about whether Solana is preparing for a significant bullish run.
To understand if this could be a pivotal moment in the crypto market, an in-depth analysis of Solana’s price action, whale activity, liquidation data, and open interest levels is needed.
Currently, SOL is trading at $153.09, marking a 0.99% decrease over the last day. Despite this slight drop, the price is still on an upward trajectory. The $163.66 level is a key resistance point, and if Solana can break through this level, a rally could ensue.
Whale Accumulation and Market Volatility
Interestingly, Solana’s top holders, or whales, now control 57.07% of the stablecoin supply. This increase in whale concentration suggests strategic accumulation, which historically often precedes price increases.
Liquidation data shows that $348.39K worth of long positions were liquidated in the last 24 hours, along with $70.02K in shorts. This high level of liquidation points to traders betting on a continued rise, but also suggests a high level of leverage in the market.
Open interest in SOL has risen by 2.26%, reaching $2.45 billion. This increase indicates growing trader interest and an expectation of increased volatility in the near future.
Despite the strong performance and whale accumulation of SOL, traders should tread carefully due to liquidation risks. However, Solana appears well-positioned to spearhead the next major crypto rally.
