The cryptocurrency market is gradually restoring its recovery sentiment as the pioneering digital asset, Bitcoin, shows sustainability above $95,000. With BTC, the altcoin market is gaining momentum for crucial breakouts and escaping the recent correction trend. Solana price follows the thesis as the whale buildup positions it for an extended recovery.
Currently, SOL price is trading at $240 with an intraday gain of 1.3%. According to Coingeckothe asset’s market capitalization stands at $114.5 billion, while the 24-hour trading is $4.89 billion.
Highlights:
- Whale accumulation signals investor confidence in a possible breakout in Solana price.
- The coin price trading above the fast-moving exponential moving averages (20 and 50) indicates that market sentiment is strongly bullish.
- In the event of a prolonged correction, SOL buyers could see support at the $200 and $180 levels.
SOL Whale Moves Suggest Potential Price Breakout
Recent on-chain data reveals Solana (SOL) accumulation by whales. Two wallets, believed to belong to the same entity, collectively withdrew 250,109 SOL (worth $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 purchases have coincided with major market lows and before major breakouts, indicating potential movement in Solana price.
The whales accumulate $ SOL!
2 wallets (probably belonging to the same person) withdrew 250,109 $ SOL($60 million) #Kraken over 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, Solana price has fallen from $264 to $241, recording a 10% loss. This correction comes after a strong rally in early November, suggesting a temporary pause as the asset consolidates and recovers from overly prolonged bullish momentum.
If you buy pressure, the SOL Price could rise by 7.7% to challenge the $260 resistance. A possible breakdown of this barrier could signal the end of 37 months of accumulation, thus creating a major rally towards $500 psychological level.
On the contrary, if Solana price struggles to hold above the $230 support, sellers could cause a prolonged correction in December. According to the daily EMAs, buyers could look for pullback support at the $200 and $180 low levels.