Under the crypto market’s pressure, the Solana price declined to a month low before showing signs of recovery today. More importantly, SOL was among the first cryptos to recover from the dip, showing positive interest in investors. Here’s how its recovery is taking place.
Whale Jumps On Solana Price Dip
The Coinshare data confirms the increased whale activity for days now. The previous week’s Solana inflows hit $1.7M, showing investors’ mindsets shifting to ‘buy the dip.’ The same is true for this week as well, as the trading activity for the token stayed quite high. Interestingly, the whale’s involvement grew tremendously this week, with investors attempting to buy before the market hits the bull in mid-2025.
SOL price hit the ATH at $263.83 in November, keeping the investor’s enthusiasm for the further rally. As a result, the whales jumped on the opportunity when the Solana price moved 29% away from that with the crypto market crash. During this period, Solana’s performance collapsed to a month low of $177.21, but analysts call it a retest rather than a drop.
Solana Retest Begins, SOL Price Up 9% Today
November was the most bullish month for Solana, with a new ATH rally and increased adoption. At that time, it grabbed 53% of the global crypto users on the network, per Glassnode’s relative capital flow report. More importantly, Solana has performed way better than Bitcoin and Ethereum on many metrics, but its recent price drop is concerning to users. However, many crypto analysts have called this a simple breakout and retest, which has already begun. Additionally, many see it as the healthy part of the trend and not a bearish phase.
Interestingly, the SOL price charts confirm the theory, as the price has surged 9% today. It is currently at $195.73 and has a market capitalization of $93.8B. The buying pressure is building with the whale’s involvement, but this is the beginning, as the technical charts show hints at the full recovery.
Solana Price Technical Analysis
The Solana charts indicate a leading rebound from the key support closer to the 200-day SMA, which is an opportunity for the SOL price to move above the VWAP anchored from the September low. Crypto analysts concluded that this is Solana’s opportunity to follow the bulls and recover.
Additionally, the analysts see the 4-hour oscillator curling upwards, which confirms the analyses. With that, the next resistance is at the 5-day SMA, so a move above confirms the sustained bullish momentum.
What’s Next?
With the recent Bitcoin price, experts warned about upcoming Bitcoin crashes. Regardless, altcoins like Solana and others will likely continue to pump with bullish momentum building amidst the whales’ buying before the altcoin season. Although the Solana price has initiated the upward movement with a 9% surge today, the ATH still sits at 29% away, despite setting the target just a few days ago. Many analysts have called this the period of breakout and retest, where the altcoin domination is likely to set in April-May. At that time, altcoins will likely witness a 5x-10x rally once the Bitcoin consolidation paves the way for others.
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