Altcoin
Solana Price Breaks Key Resistance as Whale Moves $71M SOL
Solana price has reached a crucial price level as it attempts to break out from a descending parallel channel that has limited its movements for weeks. The asset’s latest price action shows signs of upward momentum, with analysts debating whether this breakout is sustainable.
Meanwhile, on-chain data reveal a SOL whale transferred 494,153 SOL, valued at $71.95 million, to Coinbase Institutional, adding further speculation about market movements.
Solana Price Attempts Breakout From Descending Channel
In recent Solana price analysis, technical indicators suggest the asset is challenging key resistance after weeks of downward movement. A descending parallel channel has been restricting its price, but the latest attempt to break above this trendline has drawn attention from traders.
Analyst Ali Martinez shared a chart showing Solana price moving past its downtrend resistance, targeting a potential rally toward $213. If confirmed, this move could indicate a shift from a bearish trend to a more sustained uptrend.
However, analyst Seth maintains a cautious outlook, suggesting that Solana price remains within the broader channel, facing resistance at crucial levels.
Whale Transfers 494,153 SOL to Coinbase Institutional
Additionally, blockchain tracking platform Whale Alert reported a SOL whale moving 494,153 SOL, worth approximately $71.95 million, to Coinbase Institutional. Large-scale transfers of this magnitude often attract market attention, as they may indicate either selling pressure or institutional accumulation.
If the transferred SOL is intended for liquidation, it could introduce selling pressure, potentially affecting the ongoing breakout attempt. However, if the transaction is related to over-the-counter (OTC) trading or institutional accumulation, it may signal increased demand, which could support further upward movement.
According to recent Solana whale activities, SOL price might be headed for a breakout to $180. A whale’s $14 million accumulation eased selling pressure, supporting the recent rebound to $145. If momentum sustains, breaking the $170 resistance could pave the way for a SOL rally toward $180.
Buyers Return as SAR and MACD Suggest a Breakout
Meanwhile, Solana price technical indicators have also turned bullish, supporting the potential breakout. The Parabolic SAR (Stop and Reverse) indicator, represented by the dotted blue lines, has shifted below the price candles, signaling a possible trend reversal to the upside. This suggests that selling pressure is weakening and buyers are regaining control, increasing the likelihood of a sustained price recovery.
The Moving Average Convergence Divergence (MACD) and Histogram further reinforce this bullish sentiment. The MACD line has started converging toward the signal line, reducing the bearish momentum. Additionally, the histogram bars have begun turning green, indicating a potential crossover into positive territory. This shift suggests that buying pressure is building up, which could support an upward move toward $170 and possibly $180 if resistance levels are breached.
However, historical resistance between $175 and $185 remains a significant test for the asset. To confirm a true breakout, Solana price needs to maintain high-volume closes above these levels. Failure to do so may result in a rejection, pushing the asset back into the descending channel.
More so, the Solana network has outpaced Ethereum in terms of active users and transaction efficiency. This has lead to speculations that SOL price could hit $500 before ETH price reaches $5,000. With 73.4 million monthly active addresses compared to Ethereum’s 7.4 million, Solana’s adoption rate suggests strong upside potential. If this growth trend continues, analysts believe SOL could outperform ETH in the near term.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Solana (SOL) price remains crucial as analysts assess its next major move. The cryptocurrency has been trading within a defined range, with key support levels holding firm despite recent market volatility. While some traders anticipate a potential rally, others warn of further downside if support levels fail.
Solana Price Faces Uncertainty as Key Levels Dictate Future Movement
In a recent analysis by Crypto Jobs, Solana price fluctuates between $153 and $138, signaling a period of indecision in the crypto market. Analysts highlight that the $118 – $125 zone serves as a strong multi-year support level, which has repeatedly prevented further declines. If this level continues to hold, SOL price may see another attempt to move higher.
On the upside, the $153 – $155 range is acting as a resistance zone. A successful break above this level could trigger a move toward $180 – $185, an area where Solana has previously faced selling pressure. However, if the cryptocurrency fails to reclaim this level, it may continue consolidating in the current range or retest lower support.
Meanwhile, a recent price analysis highlighted that Solana and XRP are well-positioned for growth, according to WisdomTree’s predictions. With their expanding use cases and potential for institutional adoption, both cryptocurrencies are expected to lead the next altcoin season.
Risks of a Drop Below Key Support Levels
While Solana price has shown resilience above $125, analysts caution that a break below $115 could result in a deeper sell-off. Crypto Jobs points out that a weekly candle close below this level would likely push the price down to the $80 – $75 range, an area that has not been tested in recent months.
Another analyst, TB21Crypto, identifies $126 as a critical level that aligns with the 0.236 Fibonacci retracement. If SOL price loses this support, it could trigger a stronger bearish trend. Market conditions, liquidity levels, and broader crypto market sentiment will play a key role in determining whether Solana price can maintain its current range.
Despite short-term uncertainty, some analysts remain optimistic about Solana price long-term potential. Marzell, a well-known trader, predicts a possible 45% price surge from the $120 support level, with upside targets of $296, $339, and $384. His analysis is based on historical price movements and technical indicators, suggesting that SOL could enter a strong uptrend.
Market Outlook: Technical Indicators Turn Bullish
On the other hand, the Bull Bear Power (BBP) indicator shows a potential shift from bearish to bullish sentiment. The BBP, which had been in the negative territory indicating bearish dominance, has begun climbing towards the zero line. This transition suggests that the bears are losing control, and the bulls might soon take over, potentially leading to a price increase.
Additionally, the Relative Strength Index (RSI) for Solana price also supports a growing bullish momentum. Recently hovering around 50, which is generally considered a neutral point, the RSI is now moving upward. This upward trajectory indicates strengthening buying pressure, which could help sustain a bullish trend if the RSI continues to rise.
According to a CoinGape report, Solana price is showing signs of a potential breakout as key technical indicators turn bullish. The recent SOL whale movement of $71.95 million in SOL to Coinbase Institutional has fueled speculation about market direction. If Solana breaks the $170 resistance, analysts suggest it could rally toward $180 and potentially reach $213 in the coming weeks.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Canary Capital has officially filed an S-1 registration with the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) tracking Axelar’s AXL token. The announcement led to a rapid increase in AXL price, surging over 15% before settling at approximately $0.44.
AXL Price Gains Momentum With Axelar ETF Announcement
According to a recent filing, Canary Capital submitted an S-1 registration with the SEC to introduce the “Canary AXL ETF,” making it the first financial institution to propose an ETF tracking the Axelar token. Following the announcement, AXL price rose sharply, surpassing a 15% increase within minutes before stabilizing at around $0.44.
Market data indicated that AXL’s performance outpaced most other cryptocurrencies on the same day. The ETF filing drew attention from investors, reflecting growing interest in blockchain interoperability solutions.
Notably, American investment management firm Canary Capital has filed for multiple altcoin ETFs, including Solana, XRP, and Litecoin, in recent months.
Most recently, Canary’s Litecoin ETF was listed on the DTCC platform under the ticker LTCC, fueling speculation about an imminent approval. With Bloomberg analysts giving a 90% chance for a spot Litecoin ETF approval in 2025, market anticipation continues to grow.
Axelar Expands With Industry Partnerships
Axelar, a cross-chain protocol enabling seamless blockchain communication, has secured integrations with major industry players, including J.P. Morgan, Microsoft, Uniswap, and MetaMask. The platform facilitates interoperability across blockchain networks such as Ethereum, Arbitrum, and Optimism, supporting decentralized transactions.
The network has gained substantial institutional backing, with Binance, Coinbase, Dragonfly, Galaxy, and Polychain among its investors. In November 2024, Axelar surpassed $1 billion in total value locked (TVL), further solidifying its presence in the crypto ecosystem.
As part of its strategic expansion, Axelar announced the appointment of Brian Brooks, former Coinbase Chief Legal Officer and Acting U.S. Comptroller of the Currency, to its newly formed Institutional Advisory Board. Brooks’ experience in regulatory frameworks and financial markets aligns with Axelar’s focus on institutional adoption.
Sergey Gorbunov, co-founder of Axelar, stated,
“With more regulatory clarity in the U.S., institutional adoption is well underway, and interoperability is the key gateway between TradFi and Web3.”
Crypto-Based ETFs
Canary Capital’s Axelar ETF filing is part of a broader trend of increasing altcoin ETF submissions. Since the approval of Bitcoin and Ethereum ETFs, the market has witnessed a rise in filings for blockchain-related ETFs.
Earlier today, Bitwise Asset Management submitted an S-1 registration statement to the SEC for an Aptos ETF, sparking a 15% surge in APT price to $6. The proposed ETF will track Aptos’ value using CF Benchmarks’ pricing index, offering investors regulated exposure to the asset.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Market data shows that Dogecoin’s (DOGE) price has consolidated in the last few days. Amid the sustained price outlook, analysts forecast a significant price rally for the memecoin if key conditions are met. These conditions hinge on the broader crypto industry’s macro trend and a potential Dogecoin ETF approval.
Dogecoin price and Analyst Forecast
On Wednesday, crypto analyst Ali Martinez shared in an X post that DOGE trades within an ascending parallel channel. He also hinted that as long as the $0.16 support level holds, a breakout toward $2.74 or even $6.24 remains a possibility.
According to CoinMarketCap data, Dogecoin is ranked 9th in the global digital assets market. The coin is trading at $0.2039, gaining 2.47% in the past 24 hours.
Since its introduction to the market, the memecoin has sustained a strong market presence. This is because it is backed by a loyal community and increasing whale interest.
Furthermore, Ali Martinez’s technical analysis reveals that DOGE price trades within a well-defined parallel channel. Historically, when Dogecoin consolidates in such a pattern, it often experiences significant breakouts.
If the DOGE price maintains support above $0.16, it could target $2.74 in the mid-channel and reach $6.24 at the upper boundary.
DOGE Price Trend and Expectations
DOGE has followed a pattern of steep price increases during bull market cycles.
In 2021, it surged from under $0.01 to an all-time high of $0.739, primarily fueled by retail hype and endorsements from Elon Musk. Currently, DOGE is up 2.47% daily, showing signs of renewed interest in short timeframes.
Furthermore, technical indicators support the bullish outlook. For instance, the Relative Strength Index is recovering from oversold levels, while the Average Directional Index at 27.95 signals a forming bullish trend.
It could trigger further gains if the DOGE price breaks above $0.26 and $0.30. In an earlier DOGE price analysis, the increasing wallet address count and other positive network metrics also raises the breakout expectations for the coin.
Will Dogecoin ETF Make the Difference?
The crypto market is buzzing with excitement over a potential Dogecoin ETF. Firms like Grayscale, CoinShares, and WisdomTree have already submitted ETF applications to the U.S. SEC.
A DOGE ETF approval could attract institutional investments and increase liquidity and stability in the long term. With regulatory sentiment shifting and Dogecoin’s strong market presence, the $6.24 target is becoming a more realistic possibility.
However, investors must watch for Bitcoin trends, regulatory updates, and key support levels that can shift the coin’s trend. If DOGE remains above $0.16, barring any stock market offset, the chances of a significant breakout remain strong.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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