Over the past week, Solana’s value has jumped approximately 15%, maintaining a position close to $200. This surge has pushed its market capitalization to a staggering $107 billion, surpassing that of BNB. This impressive growth is supported by optimistic indicators such as heightened whale activity and the emergence of multiple golden crosses on Solana’s EMA charts.
Despite a bit of profit-taking among the whales, their activity continues to be significantly higher than typical past levels. Given this ongoing surge, Solana (SOL) seems poised to challenge significant resistance levels, potentially surpassing the $240 mark.
Solana Whales Decline From ATH but Remain at Elevated Levels
Between January 4th and 5th, the count of addresses holding more than 10,000 SOL experienced a rise, going from 5,032 to 5,090. This upward movement persisted with some ups and downs, peaking at a record high of 5,104 on January 11th.
Monitoring these significant investors, commonly known as ‘whales’, is essential since their actions significantly impact the market trends. When whales amass more of an asset, it usually signifies faith in its future value, which might lead to price increases as their holdings expand.
Following its peak on January 11th, the count of whale wallets has decreased slightly, falling from 5,096 on January 14th to 5,063 by January 16th. This dip could indicate some users cashing out their profits, but it’s crucial to remember that the current number of whales is still notably higher than past averages.
The ongoing enthusiasm from significant investors indicates that faith in Solana’s upward trajectory remains robust, despite temporary ups and downs. This steadiness at high points may serve as a sturdy base for the increase in SOL prices.
SOL DMI Shows the Current Uptrend Is Strong
Over the past two days, the DMI chart for Solana has experienced a significant jump in its ADX value, climbing from 25.6 to 39.8. This rise corresponds with the onset of Solana’s current upward trend and the emergence of golden crosses.
The ADX (Average Directional Movement Index) gauges the intensity of a trend, where figures exceeding 25 suggest a robust trend and numbers surpassing 40 indicate particularly strong momentum. An increasing ADX during an upward trend implies growing conviction in the direction of price fluctuations.
Currently, the Positive Directional Index (or +DI) is rising significantly, moving up from 19.7 to 34.1. This increase indicates a surge in buying activity. Simultaneously, the Negative Directional Index (or -DI) has decreased noticeably, going down from 24.2 to 7.9. This decrease suggests a reduction in selling activity. Overall, these changes suggest a robust bullish trend, as buyers are currently dominating the market’s dynamics.
Should this trend persist, it might indicate a potential increase in SOL’s value. The expanding difference between the +DI and -DI lines implies that buyers are gaining more control, which is a positive sign. Additionally, the increasing ADX supports these indicators, suggesting a bullish outlook for SOL’s short-term price movements.
SOL Price Prediction: Will Solana Recover December Levels?
In simpler terms, the Exponential Moving Averages (EMAs) from SOL (Solana), a popular cryptocurrency, have displayed numerous golden crosses recently, where the shortest-term EMA is moving above the longer ones. This pattern suggests robust growth, implying that the current upward trend may carry on. If this positive trend endures, the Solana price might challenge the next resistance level at approximately $229.
Overcoming this obstacle might pave the way for potential prices of $234 or potentially higher at $243, marking the first time since early December 2024 that Solana (SOL) surpasses $240.
If the upward trend changes and a downward trend starts, the level at $211 will become very important. If this level is challenged but fails to keep prices up, the price of SOL could fall more to around $203. If the bearish pressure continues to increase, there might be an additional drop to $185.
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2025-01-18 00:13