Solana (SOL) is experiencing strong volatility as a whale takes profits of tens of millions of USD; however, technical signals indicate that the uptrend may continue if key support levels are maintained.
Although there is selling pressure from whales, both weekly and daily chart analyses indicate the potential for a correction up to the price range of 250–340 USD if buyers can control resistance. At the same time, legal factors related to cryptocurrency ETFs are also shaping market sentiment.
Whales have sold over 31.59 million USD of SOL, but market liquidity remains strong. The weekly and daily charts suggest the possibility of continuing the upward trend if it surpasses the resistance level of 250 USD. News from the SEC regarding cryptocurrency ETFs also provides support for investor sentiment.
Despite selling pressure from whales, the market still maintains strong interest from investors, with a 24-hour trading volume reaching 7.31 billion USD. The weekly chart of SOL is forming a cup and handle pattern at the support level of 180 USD, and breaking through the final resistance level at 250 USD could extend the rally to 300–340 USD before the end of the year.
On the daily frame, SOL has regained the 50-day simple moving average (SMA), indicating that buying pressure is returning. The RSI has recovered from the oversold region, reflecting stable buying power. The information about the SEC requesting the withdrawal of the ETF application could also help the cryptocurrency market develop more favorably in the future.
In summary, Solana is facing both positive and negative factors simultaneously, which means that investors need to pay special attention to make appropriate investment decisions. At the same time, the fluctuations and opportunities in the SOL market are also worth monitoring.
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