Rally

Solana

Strong

Million

<div class="&quot;frame-root&quot;"> 
 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 $41.4 million, from the Binance exchange. The funds were subsequently staked, indicating a strategic decision by these large holders to earn staking rewards while likely maintaining their bullish stance on the asset. 
 The rising price shows a suitable follow-up to the triangle pattern after 4 months of consolidation, indicating a potential regain directional rally. 
 <blockquote class="twitter-tweet"> 
 In the past 2 days, 2 whales withdrew 238,893 <a rel="nofollow" href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a> ($41.4M) from <a rel="nofollow" href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> and staked it!<a rel="nofollow" href="https://t.co/A6AKhPZvZn">https://t.co/A6AKhPZvZn</a><a rel="nofollow" href="https://t.co/e0ysroHG1x">https://t.co/e0ysroHG1x</a> <a rel="nofollow" href="https://t.co/vurGILr9EU">pic.twitter.com/vurGILr9EU</a> 
 — Lookonchain (@lookonchain) <a rel="nofollow" href="https://twitter.com/lookonchain/status/1816022029767999908?ref_src=twsrc%5Etfw">July 24, 2024</a>
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 <h2 id="b-solana-triangle-breakout-signals-strong-upside-b">Solana Triangle Breakout Signals Strong Upside&nbsp;</h2> 
 Amid the July market recovery, the <a rel="nofollow" href="http://coingape.com/price/solana/">Solana price</a> 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. 
 <figure id="attachment_209325" aria-describedby="caption-attachment-209325" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-209325" src="https://coingape.com/wp-content/uploads/2024/07/fff.png" alt="SOL Futures Open Interest" width="1530" height="393" srcset="https://coingape.com/wp-content/uploads/2024/07/fff.png 1530w, https://coingape.com/wp-content/uploads/2024/07/fff-300x77.png 300w, https://coingape.com/wp-content/uploads/2024/07/fff-1224x314.png 1224w, https://coingape.com/wp-content/uploads/2024/07/fff-768x197.png 768w, https://coingape.com/wp-content/uploads/2024/07/fff-150x39.png 150w" sizes="(max-width: 1530px) 100vw, 1530px">
 <figcaption id="caption-attachment-209325" class="wp-caption-text">
 SOL Futures Open Interest| Coinglass
 </figcaption>
 </figure> 
 The recovery managed to reshape daily EMAs into a bullish alignment (20&gt;50&gt;100&gt;200) indicating market sentiment of an established uptrend. On July 20th, the rising <a href="https://coingape.com/markets/catalysts-driving-solana-price-imminent-climb-to-200-this-week/">SOL</a> 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 <a href="https://coingape.com/hamilton-lane-launches-private-credit-fund-on-solana/">Solana</a> 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. 
 <figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/a/AZvkaqA2.png" alt="BINANCE:SOLUSDT Chart " width="1946" height="893">
 <figcaption class="wp-caption-text">
 Solana| Tradingview
 </figcaption>
 </figure> 
 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 <a href="https://coingape.com/price-predictions/solana-sol-price-prediction/">SOL price prediction</a> target to $266, registering a potential growth of 50%. 
 <h2 id="span-style-font-weight-400-conclusion-span">Conclusion.</h2> 
 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. 
</div> 
The post <a href="https://coingape.com/markets/solana-whales-stake-41-million-sol-edges-to-50-rally/">Solana Whales Stake $41 Million in 2 Days as SOL Edges Closer to 50% Breakout Rally</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

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

Table of Contents

Coingape News Media

Άλλα άρθρα που δημοσιεύτηκαν στις 24 Ιουλ 2024

Coinbase Tokenized Fund Is Being Planned For RWA's New Boom

Mt Gox Creditors Bitcoin Released to Kraken Users, BTC Price to Tumble?

New Cryptocurrency Releases, Listings, & Presales Today – Music Protocol, Qoda Finance, Q Protocol

Could Trump Driving Bitcoin to Soar to $100,000 Be a Reality?

Will Ethereum ETFs Help 'Break This Consolidation And Head Towards An All-Time High'?

Mt. Gox Creditor Repayments at 40% Following Today’s $2.5B in Bitcoin Transfer

Join our free newsletter for daily crypto updates!