- SOL broke key resistance levels and is showing strong bullish momentum.
- FTX and Alameda unstaked $31M, creating short-term uncertainty.
- Traders expect a 15% rally if SOL holds above key technical patterns.
Solana’s SOL has fired off three green candles in a row and Bulls took notice. Momentum built quickly. The charts leaned bullish. Traders began aiming for $184 with renewed optimism. But then came a twist. FTX and Alameda unstaked $30.94 million worth of SOL. That move raised concerns. Price dipped slightly. Traders paused. Now everyone wonders—is this a minor speed bump or a real threat to the rally? One thing is clear: all eyes are on what happens next.
Bullish Patterns Strengthen the Case for Upside
According to Lookonchain , the two collapsed giants—FTX and Alameda—removed 189,851 SOL from staking. The amount totals close to $31 million. Last time, they unstaked to repay former users. Whether they intend to sell again remains unknown. Still, even without confirmation of a sale, the market responded. SOL dropped from above $166 to around $163. The dip wasn’t massive, but it followed strong upward momentum. Traders began watching closely for the next move.Despite the temporary pullback, technical analysis suggests bullish strength.
SOL recently broke out of a long descending channel . It then moved out of a tight consolidation zone. Most importantly, it rallied through a clean inverted head and shoulders pattern. This bullish structure holds serious weight. In addition, SOL crossed above the 200-day Exponential Moving Average. These signals together build a case for further upside. If price holds above the neckline of the head and shoulders pattern, a 15% rally could follow. That would push SOL close to the $184 target. However, bulls must maintain support above key levels to make that move happen.
Market Sentiment Leans Toward the Bulls
Momentum indicators back the bullish outlook. Solana’s Relative Strength Index (RSI) stands at 63. This leaves plenty of room before entering overbought territory. The current RSI suggests the rally could continue without overheating. Volume has also surged. Over the last 24 hours, trading volume jumped 55%. Buyers are active. Market interest continues to grow. On-chain data from Coinglass supports this view.
Traders appear heavily committed to long positions. At the $161.4 and $167.4 zones, open interest stacks up. Longs total $182.72 million. Shorts are far behind at only $80 million. This imbalance shows strong confidence in further gains. Bullish traders dominate the current landscape. Still, risks remain. Unstaking by FTX and Alameda could pressure price if followed by large-scale selling. Though the $31 million figure isn’t enormous, it’s enough to create caution.
For now, Solana remains in an uptrend. Price action favors bulls. Technicals support a climb. Volume confirms the strength. Solana doesn’t move quietly during rallies. When momentum builds, it often explodes higher without much warning. The current setup feels like a coiled spring—loaded with energy, waiting to burst.
