Solana Price Breakout Sets Sights on $97.50 Amid Whale Accumulation

Solana (SOL) is showing renewed bullish momentum after breaking out of a falling wedge pattern, according to crypto analyst Gerla. The breakout has been supported by whale accumulation, with one investor taking a 20x leverage long position on SOL worth around $22.78 million.

The combination of improving technical momentum and large-scale accumulation could support further recovery for Solana, although downside risks remain. The price structure is currently pointing to a bullish reversal ahead, with buyers successfully defending key support before pushing SOL above the pattern's upper trendline.

Traders will be watching $80 become the initial target of the bulls, with the next targets being $85 and $97.50. A clear breakout could help build further bullish pressure for the price towards $97.50. However, more accumulation by whales and the 20x leverage position is also risky in the event of a reversal.