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

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