Solana (SOL) has experienced a significant 15% increase in the past week, closely holding the $200 mark. Its market capitalization has surpassed BNB's, reaching $107 billion. The surge is supported by strong bullish signals, such as elevated whale activity and the formation of multiple golden crosses on SOL's EMA charts.
Despite some profit-taking by whales, their activity is higher than historical trends, signaling potential for SOL to challenge resistance levels and possibly exceed $240. Whale addresses with 10,000 SOL peaked at 5,104, reflecting increased confidence in SOL's future.
The Directional Movement Index (DMI) shows the current uptrend is robust, with the ADX rising from 25.6 to 39.8, signifying a strong trend. The increasing positive directional index (+DI) underscores intensified buying pressure, while the negative directional index (-DI) has notably decreased.
The Exponential Moving Average (EMA) charts display multiple golden crosses, suggesting continued upward momentum for SOL. If this pattern continues, SOL might test resistance levels at $229, potentially reaching $243, surpassing $240 since early December 2024.
Nonetheless, if the uptrend diminishes and a bearish trend dominates, pivotal support is found at $211. If this support fails, SOL might drop to $203, with further decline to $185 possible amid intensified selling pressure.
