Solana (SOL) Whales Accumulate 145,000 SOL Tokens Ahead of Potential 22% Breakout

SOL, the native cryptocurrency of the Solana ecosystem, showed a 2.6% fall during Friday's market session. Despite the broader market uptick

The price of Solana (SOL) fell by 2.6% during Friday's market session, continuing the cryptocurrency's current correction. Despite the broader market uptick and Bitcoin’s push towards the $100k mark, the Solana price decline signals the continuation of the current consolidation. However, crypto whales were spotted accumulating more SOL during the dip.

According to CoinGecko, the Solana market cap is at $76.45 billion, while the 24-hour trading volume is at $3B.

Whales Pull $21.8M in SOL From Kraken During Dip

In the past three weeks, the Solana price has shown a steady recovery from $95.26 to $147, showcasing a 54% growth. This upswing has formed with higher highs and a higher low, indicating a sustained recovery as occasional pullbacks are absorbed by renewed buying pressure.

However, with today's price drop, the SOL price continues its current correction and seeks support at the $145 level. This discounted value has attracted large-scale investors, signaling a buy-the-dip sentiment emerging in the market.

According to Lookonchain data, three newly created wallets collectively withdrew 145,000 SOL, valued at approximately $21.8 million, from Kraken's crypto exchange within a single hour of reporting.

Such an accumulation trend during price lows hints at a change in market sentiment and could support the bottom formation for a potential rally.

Sonala Price Eyes 22% Surge Before Major Breakout

On April 22nd, the Solana price formed a bullish breakout from the last lower high formation of $145.2. Since then, the coin price has been testing this level, trying to validate it as suitable support for the next leap.

The integration of the 20-and-50-day exponential moving averages reaffirms the initial change in market sentiment. If the support holds, the coin buyers could drive another 22% surge to the $180 resistance.

The potential surge could develop into the well-known reversal pattern called a rounding bottom pattern. This chart setup is characterized by a U-shaped recovery, presenting an initial downtrend shifting to sideways accumulation and then recovery.

A potential breakout from the $180 resistance will complete the pattern and set a rally to $250.