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Whales Propel the Solana Price Beyond $145—Is it a Short-Term Rebound or a Start of a Fine Recovery?
Solana (SOL) has been in an uptrend lately, with recent whale activities playing a crucial role in driving up its price beyond $145. However, this sudden surge is leaving many wondering whether we are witnessing a short-term rebound or the start of a fine recovery for SOL.
In the past few weeks, Solana’s price experienced a massive pullback that wiped out more than 57% from its highs. As the token continued to struggle at the $125 level, whale accumulation took center stage, influencing the trajectory of the token. While the growth momentum doesn’t appear strong enough to instill confidence in SOL investors, it has effectively changed the trend.
The recent upswing was characterized by a rebound from local lows around $125. Unfortunately, the bulls failed to push the price beyond the psychological resistance at $145, resulting in an inability to sustain above this level. Despite this setback, the token managed to hold its ground and stay above the pivotal support.
Intraday indicators are displaying mixed signals regarding the future trajectory of SOL. The Relative Strength Index (RSI) is showing bearish divergence, indicating a potential for increased selling pressure. On the other hand, the Chaikin Money Flow (CMF) failed to rise beyond zero, suggesting the bulls still have significant strength despite the rebound.
In contrast, the Moving Average Convergence Divergence (MACD) displays a drop in the selling volume, accompanied by levels that are trending towards a bullish crossover. It appears the MACD is hinting at increased buying pressure or reduced selling pressure, which could lead to an upward movement if the MACD crosses over.
Based on this mixed landscape of indicators, it seems that SOL might remain in consolidation for some time before deciding where it will ultimately head next. If the MACD indeed undergoes a bullish crossover, we could be witnessing the start of a fine recovery.
