Bitcoin price is on the rise and is inching closer to testing the $88,500 barrier, while altcoins are struggling to break through their respective resistance levels. However, Solana price, which has been striving to stay above the $140 resistance, appears to be gearing up for a 50% upswing, provided it meets certain conditions.
In a recent development, Solana has surpassed Ethereum in staking market capitalization, marking a significant milestone in its adoption journey. The increasing dominance of Solana compared to other major chains like Ethereum signifies the growing popularity of this altcoin. On the flip side, a Solana whale recently unstaked a substantial amount of SOL tokens, injecting more volatility into the token.
According to data from Lookonchain, approximately 100K SOL tokens were unstaked and deposited into Binance by a whale who had held these tokens for the past four years at a base price of $27. Despite this unstaking, the whale still retains over a million SOL tokens, with total profits exceeding $153 million. While this move may trigger a brief bearish sentiment, the fear of significant selling could temporarily impede the upward momentum of the SOL price rally.
Moving forward, the SOL price has broken a descending trend line that had persisted since the beginning of the year, signaling a potential increase in bullish dominance. However, the price has struggled to breach the resistance zone between $146.5 and $150 since the March drop, causing some concern. Although bulls are making another push to surpass this range, a decline in money flow suggests that a breakout in the SOL price may be delayed.
Analyzing the historical chart of the SOL price, it is evident that the token is under a bullish influence, with recent rebounds indicating a decrease in selling pressure in the long term. The MACD is on track for a bullish crossover, supporting the bullish sentiment. However, the CMF has dropped below 0, indicating that the token is still in a distribution phase. A breakout is likely to occur once the CMF rises above 0, signaling the start of an accumulation phase.
While the Solana price appears poised to maintain its upward trajectory, it must first surpass the immediate resistance zone around $148 to $150. This breakthrough could attract fresh liquidity to the platform, potentially propelling the SOL price towards the $200 mark.