Key Takeaways
- Solana broke out of a bullish pattern as whales and long traders piled in. Key levels and weak volume may shape its next move toward $184.82 or trigger volatility near $159.
Solana [SOL] has attracted renewed whale interest as vladilena.eth opened a $12.65 million leveraged position, coinciding with a breakout from a key technical formation.
The trader deposited $4 million USDC into Hyperliquid [HYPE] and went long with 10x leverage at an entry of $153.79—just below the press time price of $157.70.
This high-conviction trade not only reflects investor optimism but also adds weight to the broader bullish narrative forming around SOL.
With liquidation resting at $106, this position implies a strong belief in upward continuation and provides fuel for a potential breakout rally.
Is SOL’s breakout from the cup and handle pattern the real deal?
At the time of writing, SOL broke above the handle of a well-formed cup and handle structure, traditionally seen as a bullish continuation signal.
The neckline breach at $155.76 sets the stage for a potential climb toward the next resistance at $184.82. The smooth curvature of the cup and declining volume during the handle align with textbook bullish criteria.
If buyers maintain pressure and follow through, this pattern could mark the beginning of a major price move.
Therefore, traders are watching this zone closely, as confirmation could drive fresh entries from sidelined participants.
Source: TradingView
Derivatives traders tip the scale: Can long positions drive the next surge?
Derivatives data from Binance indicates that 61.72% of accounts remain long on SOL/USDT perpetuals, compared to just 38.28% short, at press time.
This skew reflects mounting confidence among market participants.
While the Long/Short Ratio sat at 1.61, such imbalances often lead to volatility as crowded trades become vulnerable. Therefore, while sentiment favors the bulls, any sharp pullback could trigger a chain of long liquidations.
Still, if momentum holds, these long positions could serve as the fuel needed for SOL to reclaim previous highs.
Why isn’t volume backing Solana’s bullish setup just yet?
Despite Solana’s breakout and rising long positions, the Spot Volume Bubble Map shows a decline in trading activity.
This mismatch between price movement and volume raises doubts about the rally’s strength.
Strong breakouts usually come with high volume, but current metrics suggest hesitation. This could be a brief pause before volume returns—or an early sign of fading buyer interest.
Traders should watch for volume spikes near resistance levels to confirm the rally’s momentum.
Will liquidation clusters at $153 and $159 dictate Solana’s short-term path?
The Binance liquidation heatmap shows dense clusters around $153 and $159, marking critical levels of leveraged interest.
A clean move above $159 could initiate cascading short liquidations, adding upward pressure. Conversely, a dip below $153 might flush out over-leveraged longs, reversing recent gains.
Therefore, SOL’s behavior around these thresholds could define its near-term trend. Given the clustering of liquidity, these zones act as battlegrounds where bulls and bears are actively testing conviction.
Can SOL build on whale conviction and trigger a bigger move?
Solana’s technical setup, rising whale interest, and bullish derivatives positioning all point toward potential upside. However, weak spot volume and key liquidation levels could create turbulence.
A sustained move above $159 with rising volume could validate the bullish thesis. Until then, the market may remain volatile and reactive around these leveraged zones.
