Price analysis

Analysts Predict $400 Solana Price as Whales Buy into ‘Most Bullish Chart’

Published

4 weeks ago

October 28, 2024

The crypto market enters the new week on a bullish note as the Bitcoin price inches closer to a $70,000 resistance breakout. The bullish momentum gradually fuels bullish momentum in most major altcoins, including SOL. However, crypto analysts showcase a higher interest in Solana price movement amid the formation of its ‘Most Bullish Chart’ setup and Whale accumulation.

Currently, the SOL price trades at $177 with an intraday gain of 0.26%. Consecutively, the Solana market cap surged to $82.21 Billion, while 24-hour trading volume spiked 32% to reach $2.82B.

Analysts Eye $400 Solana Price as Whales Accumulate on ‘Most Bullish Chart’

In a recent tweet, market analyst CryptoBoss shares an optimistic view on Solana (SOL), highlighting what he describes as the “most bullish chart I’ve ever seen. His monthly chart analysis shows a well-known reversal pattern called Cup and Handle, often identified at major market bottoms as a precursor to significant upward movements.

Theoretically, this chart setup shows a U-shaped accumulation trend represented by a Cup, followed by a short consolidation with a handle portion before a major breakout. If the pattern holds true, the Solana price prediction is poised to breach the overhead resistance trendline, setting up a rally to the $400 mark.

Major Holders Stake $35M in Anticipation of Breakout

Ahead of the major breakout, SOL’s on-chain data shows renewed activity from crypto whales. According to data from Lookonchain, a whale wallet identified as AA21…VxH9 withdrew 153,511 SOL, valued at approximately $26.4 million, from Binance over the past week and promptly staked the tokens.

Similarly, a wallet EHax…gAUa withdrew 35,498 SOL, valued at $6.12 million, from top crypto exchanges Binance and Kraken in the last 4 days and quickly staked it. Another whale wallet, EGzi…mR7g, accumulated 13,000.8 SOL (valued around $2.3M) from Binance yesterday, bringing its total staked holdings to 95,651 SOL, worth $16.83M.

This accumulation trend from large holders has often conceded with major market recovery, indicating the asset is poised for a strong breakout.

SOL Price Analysis Signals an Imminent Breakout From Bullish Pattern

The layer-1 cryptocurrency Solana showcased a sustained recovery in the Uptober market, as its price surged from $133 to $177, registering a 33% surge. An analysis of the daily chart shows this rally assisting in forming a bull pennant pattern.

Under the pattern’s influence, the SOL price is a 3% surge, offering a decisive breakout from the key resistance trendline. A successful flip of the overhead trendline into suitable support will indicate the continuation of the prevailing uptrend.

The post-breakout could set an initial target of $275, a nearly 50% surge from the breakout point.

However, until the price gives a deceptive breakout, the Solana price will continue a sideways trend.

Frequently Asked Questions (FAQs)

Analysts predict a potential rally to $400 due to SOL’s formation of the “Cup and Handle” pattern on the monthly chart,

Recently, large holders, or “whales,” have staked around $35 million in SOL, signaling confidence in its long-term value.

If SOL successfully breaks above the current resistance, the initial target is set at $275, a 50% increase from the breakout point, with potential for further gains toward the $400 mark