Solana Price Analysis: Whale Activity Drives SOL Towards $250 Resistance

Summary:
• Solana surges on whale activity, nearing $250. Explore the Key levels Chart analysis and outlook on this article

Solana (SOL) continues its bullish momentum, trading at $242.19 as of writing. The cryptocurrency has been up 2.76% in the last 24 hours, gaining traction among investors as whale activity has picked up significantly. Recent large transactions suggest renewed interest in SOL, with major players eyeing the $250 psychological resistance.

Whale Movements in Focus

Data shows that Solana has seen increased whale activity as wallets have transferred millions of SOL tokens. The increase in whale trades coincides with the overall upbeat attitude in the crypto market, fueled by Solana’s growing ecosystem and fast blockchain technology. It is probable that whales are gathering SOL in preparation for more potential gains, reinforcing the optimistic outlook.

Solana Technical Analysis

Current Price: Trading at $242.19, up 2.76% in the last 24 hours.

Solana Key Support Levels:

• $225.33: Immediate support where buyers may step in during minor pullbacks.
• $212.38: Strong support aligned with the 20-day EMA.
• $187.33: Significant support level near the 50-day EMA, acting as a safety net for bulls.

Solana Key Resistance Levels:

• $248.78: Immediate resistance, with a breakout likely triggering a rally toward $260.
• $260: Psychological barrier, marking the next target for bullish momentum.

Solana Outlook

As Solana consolidates near $242, breaking above the $250 resistance could ignite another bullish rally. With whales driving momentum and technical indicators favoring the bulls, SOL remains a cryptocurrency to watch in the coming days.