- Solana (SOL) surged overnight on news of inclusion in the U.S. Crypto Reserve, peaking near $180 before a pullback brought it to $138.
- Technical indicators show that SOL is gaining bullish momentum, with a bullish engulfing candle reaching the 50% Fibonacci level at $180 and a subsequent bullish crossover in MACD and rising RSI.
- Analyst Ali Martinez predicts a breakout from a descending parallel channel, potentially pushing SOL toward $213, while whales are actively unstaking and cashing in.
Solana’s price experienced a dramatic overnight surge following news that the U.S. Crypto Reserve will include Solana alongside XRP, Cardano, Bitcoin, and Ethereum. This announcement helped propel SOL’s price to a peak of $180, reaching a key resistance level defined by the 50% Fibonacci retracement.
However, as bullish exhaustion set in, the price pulled back to around $138, prompting investors to question whether the current situation can push SOL past the crucial $200 psychological mark.
Can Solana hit $200 soon?
On the daily chart, SOL has maintained bullish support above $125, having reversed from a lower price rejection fueled by news-driven sentiment. The overnight rally saw SOL jump by 24.47% from $143 to $178, with a massive bullish engulfing candle marking the rise to $180.
However, a sharp pullback followed—breaching the 38.20% Fibonacci level at $165, while the daily RSI has moved toward neutral from oversold levels. These technical signals point to increased buying pressure.
Crypto analyst Ali Martinez recently highlighted that SOL is breaking out of a descending parallel channel on the 4-hour chart. According to his analysis, if SOL can overcome resistance in the $2.90-$3.10 range on the XRP pair, it may climb further toward the 38.20% Fibonacci level at $213.
Adding another layer to the market dynamics, whale activity has picked up significantly. Data from OnChain Lens indicates that 3 million SOL tokens, worth approximately $510 million, have been deposited to Binance from a cold wallet after nearly two months of inactivity.
Additionally, another whale has recently transferred 48,647 SOL tokens (valued at nearly $7 million) to Binance, securing a profit of $1.61 million through unstaking activity. This inflow of liquidity signals that, despite short-term pullbacks, there is considerable institutional interest and profit-taking among large holders.
In conclusion, while SOL is currently facing a pullback to around $138 after reaching $180, the technical outlook remains bearish.
