- Whale accumulation of $AI16Z shows strong support for Solana’s upward momentum.
- RSI at 51.52 suggests a balanced market, with potential for bullish momentum.
- Solana’s 2025 outlook points to significant price growth, averaging $231.69.
Solana (SOL) has been making notable movements in the market recently, with significant whale activity and price fluctuations. As of December 27, 2024, Solana is trading at $193.70, with a 24-hour trading volume of approximately $2.72 billion. With a 2.33% increase in the last 24 hours, the market sentiment appears positive, but will it continue?
This follows a recent accumulation of 1.127 million $AI16Z tokens by a whale, which swapped a large portion of Solana (47,980 $SOL, approximately $10.06M) for $AI16Z according to The Data Nerd. The whale has yet to sell any of the tokens, currently holding a potential unrealized profit of $7.49 million.
Trend and Technical Indicators Suggest a Potential Reversal
Looking at Solana’s 4-hour price action, the recent bounce from lower levels indicates a possible reversal after a period of bearish pressure. However, the Relative Strength Index (RSI), at 51.52, suggests a balanced market with neither strong buying nor selling pressure.
A breakthrough above the neutral 60-level on the RSI could trigger further buying momentum. Hence, traders are keeping an eye on this potential trigger for sustained upward movement.
The Moving Average Convergence Divergence (MACD) also indicates positive sentiment, with the MACD line converging with the signal line. A bullish crossover could signal a continuation of the recent upward trend. Additionally, the MACD histogram shows a reduction in bearish momentum, which further supports the idea of a potential bullish shift.
Key Support and Resistance Levels to Watch
For Solana’s price action, key support and resistance levels are crucial in determining its next moves. The immediate support level is at $186.40, which has held as the intraday low. Below this level, the next support lies at $180.00, a significant price point from previous consolidations. Further down, the psychological support at $170.00 could provide additional buying interest.
On the resistance side, Solana faces a crucial psychological barrier at $200.00. Breaking above this level could pave the way for a rally to $210.00, the next resistance level. Moreover, a push beyond $210 could open up the possibility of reaching the $225.00 level, marking the upper boundary of recent price highs.
Solana’s 2025 Price Outlook
Looking ahead to 2025, the outlook for Solana appears to remain strong. Changelly blog analysts predict that the minimum price for Solana could hover around $100.18, with the maximum price reaching up to $165.94. However, the average trading price for SOL in 2025 could be closer to $231.69.
