Solana (SOL) is showing renewed bullish momentum after breaking out of a falling wedge pattern, with the price currently trading at $76.43 and posting a 1.3% gain over the last 24 hours. A newly created whale wallet has opened a 20x leveraged long position targeting 500,000 SOL, worth approximately $22.78 million, according to analytics firm Lookonchain. The combination of improving technical momentum and large-scale accumulation could support further recovery, although downside risks remain due to the high leverage involved.
Solana (SOL) is showing renewed bullish momentum after breaking out of a falling wedge pattern, according to crypto analyst Gerla. Buyers successfully defended key support before pushing SOL above the pattern’s upper trendline, signaling improving momentum.
The price is currently trading at $76.43 with a 24-hour trading volume of $1.2 billion and a market capitalization of $44.5 billion. After the breakout, traders are watching the $80 level as the initial target, with next targets at $85 and $97.50.
Data from Lookonchain highlighted that a recently created wallet received 8.43 million USDC and opened a 20x leveraged long position on 500,000 SOL. The large investor is employing a TWAP strategy, acquiring the position in increments instead of a single transaction.
So far, 199,838 SOL worth $15.2 million have been acquired. The pending orders may add more buying momentum upon execution, but the high leverage poses a significant liquidation risk if SOL moves against the trade.
Following the bullish pattern breakout and whale activity, Solana is moving in a positive trajectory. However, the general trend in the crypto market remains neutral, with Bitcoin hovering around $64,000, which could also impact SOL’s next move.
