- SOL was testing a key support level at $153 as it rallied towards a bullish pennant resistance level
- A successful breakout could push SOL towards $170
Solana (SOL), at press time, stood at a critical level on the charts, testing its major support zone at $153. Historically, this level has been a solid foundation, preventing significant downturns.
However, what makes this moment different is the busy actions of the market’s whales. In fact, according to Santiment data, large transactions have surged by 1.98%, indicating that major players are quietly accumulating SOL.
Source: Santiment
The altcoin’s recent price movement around the $153-level could be a sign that investors are positioning themselves for a potential shift. The hike in whale presence could precede a bullish breakout. This is likely to be the case, especially if SOL holds steady around this crucial support level.
SOL approaches bullish pennant resistance
With SOL valued at just above $153, it also seemed to be approaching a key resistance level at $157. This can be seen from the developing bullish pennant pattern too. A pattern like this often signals a continuation of the prevailing trend.
In this case, it could mean a significant move upwards if SOL can break through the aforementioned levels.
Source: TradingView
Additionally, it’s worth looking at the surge in social dominance too.
According to Santiment, there has been a noticeable hike in mentions across crypto forums and social platforms. This uptick in social buzz often correlates with upcoming price movements and could add fuel to the ongoing bullish rally.
Source: Santiment
Will SOL rally to $170?
The stage is set, but nothing is guaranteed yet. If Solana manages to break through the resistance at $157, then it could see itself quickly aiming for the $170-level again.
This level has been a tough resistance point in the past, and breaching it would represent a strong bullish continuation. The key lies in sustained momentum. A breakout without follow-through could result in a quick reversal, trapping traders who bet on an upward surge.
However, if whale accumulation and social buzz keep increasing, then we may soon see a strong push towards $170.
