Solana Price: Analyst Sees Bullish Reversal Signs Amid Whale Buying Spree
According to Ash Crypto's analysis, Solana's (SOL) price is showing signs of a potential bullish reversal. The analyst points out that SOL recorded its first green monthly candle in about ten months, with the price bouncing from around $60.
The monthly RSI broke above a two-year descending trendline, indicating a change in momentum structure. Additionally, the MACD setup shows the indicator approaching a bullish crossover, although it has not been confirmed yet.
Whale activity also supports this potential reversal, with 285,503 SOL worth $28.82 million bought on Hyperliquid over three weeks. This significant purchase came while Solana's price recovered towards the $100 area after its decline from levels above $200.
Ash Crypto believes that holding the $60 to $80 zone would preserve the recovery structure shown on the chart, while a sustained move through $100 to $120 would strengthen the bullish reversal setup. Meanwhile, analyst 0xSweep points out that a fresh golden cross has formed on Solana's daily chart, which could signal an increase of about 56.14% from the current price.