- Whale activity and rising derivatives volume suggest Solana could be nearing a breakout above $155.
- A bullish “cup and handle” pattern adds to the potential for upward momentum if buying pressure increases.
Solana (SOL) may be on the verge of a major breakout, as a combination of bullish technical patterns, rising derivatives activity, and whale movements stir market optimism.
At the time of writing, SOL was trading at $143.96, down 0.90% over the past 24 hours. Despite the minor dip, recent on-chain activity suggests growing interest and a possible trend reversal. Two large whale transfers, totaling over $200 million in SOL, have caught the attention of traders. These transactions, from unidentified wallets, introduce both uncertainty and intrigue—potentially signaling an accumulation phase or a strategic repositioning.
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Social metrics further support the rising buzz. While Solana’s Social Volume has surged, its Social Dominance remains modest at 3.94%, implying that while chatter is increasing, it hasn’t yet overtaken broader market narratives. This provides room for further sentiment-driven growth if retail interest continues to build.
The derivatives market paints an even more compelling picture. Solana saw a sharp uptick in 24-hour trading volume, reaching $9.35 billion—a 12.88% increase. While Open Interest dipped slightly by 0.89%, options volume skyrocketed by over 400%, indicating heightened speculative activity. Notably, Options Open Interest rose by 21.19%, a strong signal that traders are betting on significant price action in the near term.
However, caution is warranted. In the past 24 hours, Solana experienced $3.57 million in liquidations, with more long positions being closed than shorts. This suggests short-term correction pressure and increased volatility, particularly on platforms like Binance and OKX.
Technically, SOL is consolidating between $136.14 and $155.28, forming what appears to be a bullish “cup and handle” pattern. A decisive breakout above the $155.28 resistance level could confirm this setup, potentially paving the way for a bullish rally.
While Solana’s current price action reflects consolidation, the convergence of rising whale activity, derivatives volume, and social buzz could soon push SOL past critical resistance. Traders should monitor volume spikes and breakout signals closely—as Solana may be gearing up for its next big move.