Can Solana reach $ 229? – The whale bet of $ 29 million says yes, if … star-news.press/wp

Main meals

A $ 29 million whale opened on Solana. Meanwhile, the future Sol activity appears high temperature, with liquidation pools that inflame the risk of next possible fluctuations.

On the sixth of September, the whale provided $ 14.53 million in USDC to the liquid rise. After that, the trader opened a long period of Solana (SOL) with a value of $ 29 million with a 2X crane, and got 143126 Sol.

These large moves often indicate a deep conviction in the volatile markets.

At the time of the press, Solana was trading near $ 202, while maintaining a fixed path within a good price channel. Increased whale activity has supported the ups of the upscale market, indicating that the original can push up in the short term.

Not to mention that the accumulation of whales alone cannot pay permanent gatherings. The key lies in whether the total liquidity and wide participation are aligned to pay the price to a sustainable manner in the coming weeks.

The Solana Channel structure suggests ups

At the time of writing this report, Solana continued to move within an upward channel, indicating the bullish market structure with the support of higher declines and escalating resistance tests.

Low support for the channel has settled around the level of Fibonacci 0.236 at $ 188, while the immediate resistance is in line with the level of 0.786 of the FIB at $ 218.

Moreover, Fibonacci accessories indicate $ 229 and $ 263 as higher goals if the momentum is accelerating. The balance size index (OBV) has increased steadily, and the signal accumulation supports the price procedure.

This means – the loss of $ 188 would weaken this bullish preparation and call for strong corrective pressure.

Source: TradingView

Who creates an unbalanced market structure?

We can also note in the chart below, at the time of the press, the long situations dominate, with approximately 85 % of the accounts that maintain length compared to only 15 %, creating a long/short percentage of 5.66.

Ambrypto concluded that it means overwhelming optimism, but note that such a defect often leaves the markets vulnerable to pressure when the momentum stumbles.

Retail traders who are largely inclined can be largely inclined, especially if the whales or large entities relax positions.

The whale activity align with the condemnation of retailer seemed supportive, but the sustainability depended on whether Solana absorbed the corrective waves without successive losses.

Source: Coinglass

Below are signs of excessive conditions

The bubble map in Cryptoquant futures highlighted the conditions of high temperature. Trading in permanent contracts intensified, indicating the identification of aggressive sites by traders chasing momentum.

This usually indicates the identification of aggressive sites by traders chasing momentum, which can create sharp repercussions when feelings turn.

The frantic markets often precede the volatile mixture, or excessive participants in overcoming the participants before continuing or reflecting.

However, strong momentum can convert speculative demand into intermittent fuel when he paired with liquidity.

Source: Cryptoquant

This is where the fluctuations are fluctuated!

Coinglass Solana data was placed in $ 202, between the main liquidation groups. The main short filters of more than $ 210 to $ 220 accumulate, while the long heavy qualifiers accumulate to less than $ 195.

This setting makes the price very sensitive, as modest movements can climb the references in any of the two directions.

If Solana is over, the short references may speed up about 218 dollars or $ 229. However, a decline in less than 195 dollars is likely to have long relaxation, which inflates the pressure of the negative side.

Source: Coinglass

Categorically, Solana’s expectations are firmly like whale accumulation, fragmentation condemnation, and the strong channel structure on higher targets.

While the short collection may feed gains to $ 229 or $ 263, the future temperature and crowded length leave Solana vulnerable to sharp corrections.