As altcoins are making a bullish comeback this week, Solana marks a conclusion to the short-term but intense pullback phase. Will this breakout run propel SOL price to $261?
By Vishal Dixit
Edited by Julia Sakovich
Updated
3 mins read
As the crypto market continues its bullish recovery, Solana SOL $125.0 24h volatility: 0.3% Market cap: $63.75 B Vol. 24h: $2.63 B is aiming for a breakout rally as the SOL price trend overcomes a long-coming bearish element. Bulls are anticipating a major rally in Solana.
Furthermore, the sustenance of Solana above the $200 psychological mark adds to hints of a potential bounce-back, with the altcoins gaining momentum. Amid the growing anticipation, will Solana scale back to price targets beyond the $250 mark? Let’s find out.
In the 4-hour price chart, Solana reveals a strong comeback from the $189 support level. Prior to that, the bullish failure at $295 resulted in a pullback phase.
Solana price chart
The pullback created a falling channel pattern, accounting for a downfall of 35%. The current reversal in Solana has overcome the resistance trendline and hints at a double-bottom reversal.
Furthermore, The neckline of the pattern stands at $208 while the 20 EMA line acts as the base level. With the recovery run, Solana has surpassed the 50MA line and has driven the 4R-RSI line to nearly overbought levels.
Hence, with the rising bullish momentum and the bullish price action, Solana aims for a massive reversal run.
Amid the chances of a bullish comeback, dormant whales are coming back for Solana. Over the past 24 hours, the whale “GJwCU” has returned to the market after a year of dormancy.
More dormant smart whale returned to accumulate $SOL!
7 hours ago, whale “GJwCU” came back after a year of dormancy to withdraw 30,901 $SOL ($6.24M) from #Binance.
Between Dec 2023 and Feb 2024, this whale completed one $SOL trade and allegedly made a profit of $8.15M (+21.9%)!… https://t.co/6ZNmj24iq4 pic.twitter.com/93IOm8VNak
— Spot On Chain (@spotonchain) February 11, 2025
The whale has withdrawn 30,901 SOL tokens from Binance worth $6.24 million. Prior to this, the whale made a successful trade in Solana between December 2023 and February 2024.
During this time, the whale allegedly made a profit of $8.15 million with a return of 21.9%. Additionally, a smart whale resurfaced after two months, withdrawing 61,319 SOL tokens from Binance and OKX exchanges.
The withdrawn SOL accounts for $12.4 million, with a transaction made at an average price of $202.53. As per the whale’s history, the entity has completed two successful SOL trades between December 2023 and November 2024.
These trades have earned the whale $8.47 million in profit with a 100% win rate. With the resurgence of dormant whales, the buying pressure for Solana is likely to rise and propel the market price higher.
Amid the chances of a bullish extension, the Fibonacci levels paint a crucial price target for Solana. These include the 50% Fibonacci level at $232 and the 78.60% level at $261.
In an optimistic case, this highlights a bullish potential of roughly 27%. On the flip side, a potential retest of the broken trendline is also possible, which could drop the prices back under $200 for a quick retest.
Meanwhile, the crucial support remains at the $189 level.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Vishal, a Bachelor of Science graduate, began his journey in the crypto space during the 2021 bull run and has since navigated the subsequent market winter. With a strong technical background, he is dedicated to delivering insightful articles rich in technical details, empowering readers to make well-informed decisions.
