Solana Price Breakout Signals Rally Towards $97.50 Target
Solana's price has been showing renewed bullish momentum after breaking out of a falling wedge pattern, according to crypto analyst Gerla. The breakout indicates that selling pressure is fading and bulls are preparing for another sustained recovery if support continues holding firmly.
Traders will be watching the price rise above $80, with the next targets being $85 and $97.50. A successful rise above these levels would help reinforce bullish sentiment and pave the way towards $97.50.
A whale has taken a 20x leverage long position on 500K SOL worth around $22.78 million, employing a TWAP strategy to take the position in bits and pieces instead of a single transaction. The large investor's order may add more buying momentum upon execution, but the high leverage poses a great risk of liquidation if Solana goes against the trade.