The cryptocurrency market is steadily restoring its recovery sentiment as the pioneer digital asset, Bitcoin, shows sustainability above $95,000. Along with BTC, the altcoin market is gaining momentum for crucial breakouts and escape from the recent correction trend. The Solana price follows the thesis as whale accumulation positions it for prolonged recovery.
Currently, the SOL price trades at $240 with an intraday gain of 1.3%. According to Coingecko, the asset’s market cap stands at $114.5 Billion, while the 24-hour trading is at $4.89 Billion.
Key Highlights:
- Whale accumulation signals investors’ confidence for a potential breakout in Solana price.
- The coin price trading above fast-moving Exponential moving averages (20 and 50) indicates the market sentiment is strongly bullish.
- In case of prolonged correction, the SOL buyers could see support at $200 and $180 levels.
SOL Whale Movements Hint at Potential Price Breakout
Recent on-chain data reveals significant Solana (SOL) accumulation by whales. Two wallets, suspected to belong to the same entity, have collectively withdrawn 250,109 SOL (valued at $60 million) from Kraken over the past month. This activity, highlighted by Lookonchain signals growing interest from large holders, often indicative of bullish sentiment.
Historically, whale buying has coincided with major market bottoms and ahead of major breakouts, indicating a potential movement in Solana price.
Whales are accumulating $SOL!
2 wallets(likely belonging to the same person) have withdrawn 250,109 $SOL($60M) from #Kraken in the past month.https://t.co/0pPszppckmhttps://t.co/uiWofyuKCc pic.twitter.com/6UpBf7f99X
— Lookonchain (@lookonchain) November 29, 2024
Solana Price: Key Levels to Watch in December
Since last week, the Solana price is down from $264 to $241, registering a 10% loss. This correction comes after a strong rally in early November, suggesting a temporary pause as the asset consolidates and recovers from overextended bullish momentum.
If buying pressure pressure, the SOL price could rise 7.7% to challenge the $260 resistance. A potential breakout from this barrier could signal the end of 37 months of accumulation, setting up a major rally to the $500 psychological level.
On the contrary, if Solana price struggles to sustain above $230 support, the sellers could drive a prolonged correction in December. According to daily EMAs, the buyers could seek pullback support at the $200 and $180 floor.
Read the full article here
