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Solana (SOL) is up 15% over the past seven days, holding near $200. Its market capitalization has increased to $107 billion, surpassing BNB. This strong performance is supported by bullish signals, including increased whale activity earlier this month and the formation of multiple “golden crosses” on SOL’s EMA chart.
Despite some profit-taking on the part of whales, their activity remains at historically high levels. With this momentum, SOL is likely to test key resistance levels and possibly break above $240.
Change in Solana Whale: From ATH But Still High
The number of addresses holding at least 10,000 SOL increased significantly from January 4 to January 5, from 5,032 to 5,090. This uptrend continued with some volatility, reaching an all-time high of 5,104 on January 11.
Tracking these large institutional holders, often referred to as whales, is important because their activities can strongly influence the market. Increased accumulation on the part of whales often reflects confidence in the asset’s future, which can drive prices higher as their positions grow.
After peaking on January 11, the number of whale addresses decreased from 5,096 on January 14 to 5,063 on January 16. Although this decrease may indicate some whales are taking profits, Importantly, current whale numbers remain much higher than historical levels.
Sustained interest from major institutional holders shows that confidence in Solana’s growth potential remains strong, even despite recent fluctuations. Stability at this high level could provide a solid foundation for SOL’s upside.
DMI SOL Shows Current Uptrend Is Strong
Solana’s DMI (Directional Movement Index) chart shows that ADX (Average Directional Index) increased sharply, from 25.6 to 39.8 in the past two days. This increase coincides with the start of SOL’s current uptrend and the formation of “golden crosses”.
ADX measures trend strength, with values above 25 indicating a strong trend and above 40 indicating an even stronger momentum. When ADX increases during an uptrend, this shows increased confidence in the direction of the price movement.
Meanwhile, +DI (positive moving index) has climbed from 19.7 to 34.1, reflecting increased buying pressure, while -DI (negative moving index) has fallen from 24, 2 to 7.9, showing reduced selling pressure. These changes all point to a strong uptrend, with buyers firmly in control of the market.
If this momentum continues, it could signal further upside momentum for SOL, as the wide gap between +DI and -DI indicates strong buyer dominance. Together with the rising ADX, these indicators paint a positive picture for the short-term price trend of SOL.
SOL Price Prediction: Will Solana Recover Its February Level?
SOL’s EMA (Exponential Moving Average) lines have recently shown many “golden crosses”, with the shortest one crossing many others. This shows strong bullish thrust, suggesting a continuation of the current uptrend. If this momentum sustains, Solana price could test the next resistance at $229.
If this resistance is overcome, it could pave the way to $234 or even $243, pushing SOL above $240 for the first time since early October 2024.
However, if the uptrend reverses and a downtrend begins, support at $211 will play an important role. If this level is tested and not sustained, SOL price could fall further to $203, with a possible extension to $185 if bearish pressure increases.
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