Solana (SOL) Price Shows Strong Bullish Signals, Target at $280

Solana price has shown strong bullish signals, with the target at $280. Amidst this, a large Solana whale transferred 195,000 SOL (valued at approximately $23.2 Million) across four markets.

Key Insights:

* A large Solana whale has transferred 195,000 SOL (valued at approximately $23.2 Million) across four markets. This contains Bybit, OKX, and Gate.io.

* The transfer involved a single private wallet performing a bulk withdrawal from multiple exchanges.

* As seen in the data from Lookonchain, the major SOL token withdrawal occurred on March 28.

* A large Solana whale reportedly withdrew 195,000 SOL (valued at approximately $23.2 Million) from multiple exchanges.

* The funds were transferred to a private wallet, most likely aiming for long-term storage.

* This move reduces the market supply of SOL on exchanges, potentially leading to less selling pressure.

* If demand for the token rises while supply on exchanges falls, it could contribute to a potential Solana price spike.

Solana Price Chart Signals a Potential Bullish Breakout

The daily price chart of SOL featured a falling wedge pattern, which is a popular indicator of a bullish turnaround. The pattern showed that market sell orders are weakening as potential buyers enter.

This could indicate that the token may soon experience a breakout. In the current market conditions, a breakout could lead to a significant price increase.

A falling wedge pattern consists of descending trend lines that get closer to each other as they progress. The shrinking price range increases the probability that a breakthrough will occur.

Market experts are closely following $150 as a key resistance barrier for Solana. If Solana price breaks above this level, it could confirm the wedge breakout.

Moving ahead, this could trigger a potential surge toward $280. The Relative Strength Index (RSI) was currently at 35.54. This placed it near the oversold zone.

If the RSI moves above 40, it could indicate a strengthening bullish momentum in the market. The MACD indicator showed that the MACD line remains below the signal line.

The 247.62K Cumulative Volume Delta measurement reflected the increase in buying activity. Despite this, selling pressure continues to rise, making further volume movements crucial to observe.

Why is SOL Price Likely to Surge Again?

Adding new application networks to Solana’s ecosystem is a major source of investor confidence. The blockchain has experienced a steady increase in active addresses.

At the same time, new wallets surpassed 5.3 million over the last few months. Rising engagement rates reflect increased adoption and network use.

The total value locked (TVL) on SOL continues to rise. This is despite a recent little decline. It also showed that more consumers use decentralized money services like staking and lending.

Analysts Predict SOL Could Surge Past $150 Toward $296

Analyst LLuciano_BTC sees Solana as having an incredible value proposition at this current price point. A small market movement could push Solana price above $150.

The rising potential for SOL extends from the $150 resistance point to an expected $280. It is based on its falling wedge pattern estimation or even surges to $296.

A failure of Solana price to break above current resistance could trigger additional downward pressure and test past support levels. In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.