On Wednesday, the Solana price jumped 4.5% to $180, projecting its suitability above the $170 floor. The renewed demand force followed a recent accumulation of two whales amid a minor pullback in SOL earlier this week.

In the past two days, on-chain data tracker Lookonchain reported two whales collectively withdrew 238,893 SOL, valued at approximately $41.4 million, from the Binance exchange. The funds were subsequently staked, indicating a strategic decision by these large holders to earn staking rewards while likely maintaining their bullish stance on the asset.

The rising price shows a suitable follow-up to the triangle pattern after 4 months of consolidation, indicating a potential regain directional rally.

In the past 2 days, 2 whales withdrew 238,893 $SOL ($41.4M) from #Binance and staked it!https://t.co/A6AKhPZvZnhttps://t.co/e0ysroHG1x pic.twitter.com/vurGILr9EU

— Lookonchain (@lookonchain) July 24, 2024

Solana Triangle Breakout Signals Strong Upside 

Amid the July market recovery, the Solana price recorded a parabolic growth in the daily chart. The bullish upswing boasted the asset from the correction bottom of $121 to current trade at $178, registering a 47% rally.

Simultaneously, the Futures Open Interest in the Solana network saw a significant increase, rising from $1.77 billion to $2.81 billion—a 58.7% jump. This substantial growth in open interest indicates a heightened level of trader engagement and bullish sentiment in the SOL futures market.

The recovery managed to reshape daily EMAs into a bullish alignment (20>50>100>200) indicating market sentiment of an established uptrend. On July 20th, the rising SOL price gave a bullish breakout from the upper boundary of the triangle pattern, signaling the end of its 4-month consolation.

Under the influence of this chart setup, the Solana coin resonated between two converging trendlines, recuperating its bullish momentum after the past rally. The recent breakout has flipped the downsloping trendline into suitable support for the next leap.

The ADX slope rising above 26% indicates a growth recovery trend and sufficient room for a prolonged rally.

The post-breakout rally could drive the SOL price prediction target to $266, registering a potential growth of 50%.

Conclusion.

Solana demonstrates strong bullish momentum, underscored by strategic whale activities and significant technical indicators. A breakout from a four-month consolidation and a sharp increase in Futures Open Interest highlight robust market confidence. With technical indicators supporting the ongoing rally, Solana is well-positioned to chase a $266 high.