Solana has reclaimed key resistance levels, signaling a potential reversal rally.
Dormant whales have re-entered the market, withdrawing millions in SOL, adding to buying pressure.
Solana’s price targets include $232 and $261, with a bullish potential of 27%.
As the crypto market continues its bullish recovery, Solana is aiming for a breakout rally as the SOL price trend overcomes a long-coming bearish element. Bulls are anticipating a major rally in Solana.
Furthermore, the sustenance of Solana above the $200 psychological mark adds to hints of a potential bounce-back, with the altcoins gaining momentum. Amid the growing anticipation, will Solana scale back to price targets beyond the $250 mark? Let’s find out.
Solana Price Analysis: Breaking Resistance and Targeting Reversal
In the 4-hour price chart, Solana reveals a strong comeback from the $189 support level. Prior to that, the bullish failure at $295 resulted in a pullback phase.
Solana price chart
The pullback created a falling channel pattern, accounting for a downfall of 35%. The current reversal in Solana has overcome the resistance trendline and hints at a double-bottom reversal.
Furthermore, The neckline of the pattern stands at $208 while the 20 EMA line acts as the base level. With the recovery run, Solana has surpassed the 50MA line and has driven the 4R-RSI line to nearly overbought levels.
Hence, with the rising bullish momentum and the bullish price action, Solana aims for a massive reversal run.
Whale Activity: Dormant Whales Resurface, Boosting Buying Pressure
Amid the chances of a bullish comeback, dormant whales are coming back for Solana. Over the past 24 hours, the whale “GJwCU” has returned to the market after a year of dormancy.
More dormant smart whale returned to accumulate $SOL!
7 hours ago, whale “GJwCU” came back after a year of dormancy to withdraw 30,901 $SOL ($6.24M) from #Binance.
Between Dec 2023 and Feb 2024, this whale completed one $SOL trade and allegedly made a profit of $8.15M (+21.9%)!… https://t.co/6ZNmj24iq4 pic.twitter.com/93IOm8VNak
— Spot On Chain (@spotonchain) February 11, 2025
More dormant smart whale returned to accumulate !
7 hours ago, whale “GJwCU” came back after a year of dormancy to withdraw 30,901 ($6.24M) from .
Between Dec 2023 and Feb 2024, this whale completed one trade and allegedly made a profit of $8.15M (+21.9%)!…
— Spot On Chain (@spotonchain)
The whale has withdrawn 30,901 SOL tokens from Binance worth $6.24 million. Prior to this, the whale made a successful trade in Solana between December 2023 and February 2024.
During this time, the whale allegedly made a profit of $8.15 million with a return of 21.9%. Additionally, a smart whale resurfaced after two months, withdrawing 61,319 SOL tokens from Binance and OKX exchanges.
The withdrawn SOL accounts for $12.4 million, with a transaction made at an average price of $202.53. As per the whale’s history, the entity has completed two successful SOL trades between December 2023 and November 2024.
These trades have earned the whale $8.47 million in profit with a 100% win rate. With the resurgence of dormant whales, the buying pressure for Solana is likely to rise and propel the market price higher.
Solana Price Target: Can SOL Rally to $261?
Amid the chances of a bullish extension, the Fibonacci levels paint a crucial price target for Solana. These include the 50% Fibonacci level at $232 and the 78.60% level at $261.
In an optimistic case, this highlights a bullish potential of roughly 27%. On the flip side, a potential retest of the broken trendline is also possible, which could drop the prices back under $200 for a quick retest.
Meanwhile, the crucial support remains at the $189 level.