Will Solana Uptrend Resume as Whale Withdraws 206,111 SOL from Binance to Stake $36M?

It is important to note that Solanas (SOL) performance in 2024 has shown volatility, but recent data points to renewed whale interest and staking activity. After an early-year surge, SOL encountered resistance at the $200 mark, causing its price to fluctuate between $125 and $180.

This retracement coincided with technical analysis showing an emerging bullish flag pattern on Solana, potentially indicating a further upward trend. Analyst Xanrox has identified a continuation pattern, suggesting that the current consolidation phase may precede another price increase.

For context, over the past week, SOL has gained traction again, reaching $183 after a brief retracement that pulled it back to $174 during this press.

According to Elliott Wave theory cited by Xanrox, SOL has already demonstrated impressive gains in wave 3 and is now progressing toward wave 5.

Fibonacci analysis from Xanrox outlines two potential price targets for SOL: a 0.382 retracement level at $383.39 and a 0.618 level at $829.17, marking potential gains of 119.9% and 372.77%, respectively. While a minor pullback may test the $147 level, overall sentiment remains positive for Solanas trajectory.