Solana Price Shows Bullish Divergence: Will $138 Resistance Break?

  • Bullish divergence suggests potential trend reversal for Solana’s price.
  • Whale accumulation increases confidence in Solana’s price recovery potential.
  • Solana’s next milestone is reclaiming $138 resistance for upward momentum.

Solana ($SOL) has been showing signs of a bullish divergence on the 8-hour chart, indicating a possible reversal in its ongoing downtrend. At press time, Solana is currently priced at $126.30 has made lower lows in recent price action, but momentum is on the rise. This divergence suggests that the bearish trend might be weakening, and there is potential for a price recovery.

Bullish Divergence and Trendline Resistance

The key level to monitor for a potential price rally is the trendline resistance at $138. According to analyst Captain Faibik, bulls need to break through this crucial level to regain momentum and drive Solana’s price higher. 

The chart reveals that Solana is hovering just below this resistance, and if it can reclaim $138, the market could see a stronger bullish movement.

A breakout above the $138 resistance would be an important signal for traders, indicating that the downward pressure has been overcome. If Solana pushes past this level, it could trigger a more sustained uptrend and restore investor confidence in the asset. 

As of now, the price sits just below this critical level, leaving traders eager to see if Solana can break through.

Whale Accumulation During Price Weakness

However, whale accumulation increased significantly, with large investors taking advantage of the price dip. One particular wallet, G6gemN, purchased 41,000 SOL, worth approximately $5 million. 

image 168
Source: Lookonchain

This strategic positioning during a market dip suggests confidence in Solana’s long-term potential, rather than reacting to panic selling.

Interestingly, this behaviour mirrors that of eight months ago when the same wallet accumulated 24,528 SOL near $122. These tokens were later sold for about $175, generating a profit of approximately $1.28 million. 

The renewed accumulation from whales suggests that Solana is seen as undervalued, and their confidence could help support a price recovery in the near future.

As the price hovers near $126.30, all eyes are on the $138 resistance. A breakthrough above this level could mark the start of a new bullish phase for Solana, potentially leading to higher prices in the coming weeks.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.

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