The price of Solana is trading within a compact consolidation box that extends from the lower boundary near $128 to the ceiling at $144. At the time of writing this article, Solana's market valuation is trading at $136, as the price maintains the ascending support formed at the end of November.
Each contact with this trend line generates a quick recovery, confirming the strong demand at the bottom of the range. Sellers take advantage of multiple rejections at practically equal levels to protect the ceiling. These reactions characterize the resistance as a powerful obstacle.
The rising lows form a typical contraction. This trend generates pressure and reduces volatility with each tighter swing. A breakout above $144 will pave the way towards the $170 zone, which is further ahead as the next important level on the chart.
The forecast in the structure represents a gradual rise towards $200 if buyers gain momentum above the average. However, the current outlook continues to generate short-term reactions. The long-term price forecast for Solana now depends on its behavior when it touches the ceiling again.
Whale activity intensifies when a new wallet withdraws 200,001 SOL from Binance. The price stands at 27.87 million in the transfer. This movement causes a significant shift in the exchange's supply towards private custody.
This accumulation, while the price of SOL maintains the ascending support, shows confidence during the consolidation. Large investors often accumulate positions around stable structures, unlike long-term spikes.
The withdrawal reduces short-term selling pressure and reinforces the formation of ascending lows. Each accumulation at support strengthens the base of the range. Meanwhile, repeated entries into private wallets indicate sustained interest at these levels.
Breakouts are often preceded by whale positions. The strong compression on the chart aligns with this behavior. Therefore, the bullish bias is supported by accumulation as pressure builds below the $144 ceiling.
In summary, the price of Solana maintains a tight structure that points towards a possible breakout. Whale accumulation supports the ascending base and eliminates market supply.
The progress of ETFs increases interest as new products prepare to enter the market. Together, these conditions create a trajectory that could drive the price of SOL towards the target of $200 if buyers overcome the final resistance at $144.
