Solana Breaks Out of Falling Wedge Pattern, Whale Accumulation Supports Recovery

Solana's (SOL) price has broken out of a falling wedge pattern, and this technical momentum is accompanied by whale accumulation. The SOL price structure suggests that sellers are losing their grip, allowing buyers to push the price above the upper trendline.

According to Gerla, an analyst, this breakout could indicate fading selling pressure and a sustained recovery if support continues holding firmly. Traders will be watching $80 as the initial target of the bulls, with subsequent targets being $85 and $97.50.

A recent wallet has taken a 20x leverage long position on 500K SOL worth around $22.78 million, employing a TWAP strategy for taking the position in bits and pieces instead of a single transaction. This large-scale accumulation by whales could add more buying momentum upon execution but poses a risk of liquidation if SOL goes against the trade.