- SOL tested a key support level at $153 while recovering to a bullish pennant resistance level
- A successful breakout could push the SOL towards $170
Solana (SOL) was at a critical level on the charts at the time of writing, testing its key support zone at $153. Historically, this level has been a solid base, preventing significant recessions.
What makes this moment different, however, is the busy actions of the whales in the market. In fact, according to data from Santiment, large trades are up 1.98%, indicating that major players are quietly accumulating SOL.
Source: Santiment
The altcoin’s recent price movement around the $153 level could be a sign that investors are positioning themselves for a possible shift. The increase in whale presence could precede a bullish breakout. This is likely to be the case, especially if the SOL remains stable around this crucial support level.
SOL approaching bullish pennant resistance
With SOL valued at just over $153, it also appeared to be approaching a key resistance level at $157. This is also evident from the developing bullish pennant pattern. A pattern like this often indicates a continuation of the prevailing trend.
In this case, it could mean a significant upside if SOL can break through the above-mentioned levels.
Source: TradingView
In addition, it is also worth looking at the increase in social dominance.
According to Santiment, there has been a noticeable increase in the number of mentions on crypto forums and social platforms. This uptick in social buzz often correlates with upcoming price movements and could add fuel to the ongoing bullish rally.
Source: Santiment
Will SOL rise to $170?
The tone has been set, but nothing is guaranteed yet. If Solana manages to break the resistance at $157, it could quickly target itself back to the $170 level.
This level has been a difficult resistance point in the past, and breaking through it would mean strong bullish continuation. The key is sustained momentum. A breakout without a follow-up could result in a quick reversal, trapping traders betting on an upside.
However, if whale accumulation and social buzz continue to increase, we could see strong momentum towards $170 soon.