Solana (SOL) has turned heads in the crypto world following a major whale movement that has investors buzzing. A whopping 1,030,000 SOL tokens, valued at over $110 million, were transferred out of the Kraken exchange, according to data from blockchain tracker Whale Alert. This massive transaction has fueled speculation that Solana may be on the cusp of a significant rally — possibly toward the $180 level.

Whale Activity Raises Eyebrows

The identity of the whale remains unknown, but the timing of the move has raised questions. The transaction occurred just before markets began rebounding from a sharp downturn, triggered by geopolitical uncertainty. Specifically, former U.S. President Donald Trump’s statement of a 90-day pause on most international tariffs brought a wave of optimism across both traditional and crypto markets.

Solana was one of the biggest beneficiaries, rising more than 13.5% in 24 hours to trade near $119 at press time. In addition, trading volume spiked by 35%, showing increased interest and activity from both retail and institutional investors.

Technical Analysis: Solana Approaching Breakout Zone

Solana’s recent rally has brought it to the edge of a critical resistance zone, which has held since early February. The token is now testing a descending trendline, and according to market analysts, it’s on the verge of breaking out of a bullish falling wedge pattern — a formation often seen before upward price explosions.

If Solana manages to close a daily candle above $125, it could unlock a new wave of buying pressure. Chart analysts suggest that this move could propel SOL up by 40%, with a potential price target of $180 in the near term.

“This is the strongest signal of a breakout we’ve seen in weeks. If momentum holds and the pattern confirms, SOL is positioned for a major upward leg,” noted a TradingView analyst.

Despite the bullish setup, SOL is still trading below the 200 Exponential Moving Average (EMA) on both 4-hour and daily charts, which suggests some lingering caution in the market. A decisive move above the EMA would further validate the bullish case.

Market Sentiment: Mixed Views From Traders

While the whale movement and technical setup support a bullish case, sentiment among derivatives traders remains split. Data from on-chain analytics platform Coinglass shows that traders are currently over-leveraged on both sides, with key pressure zones between $112.60 (support) and $117 (resistance).

This over-leveraging can lead to liquidation cascades in either direction, increasing short-term volatility.

“The market is in a delicate place. If SOL clears resistance, short sellers could get squeezed. But failure to break out might result in another pullback,” said a Coinglass analyst.

What’s Next for Solana?

If Solana maintains current momentum and breaks above $125 with strong volume, it could be the beginning of a larger uptrend. Macro sentiment has also shifted in favor of risk assets following easing trade tensions, which may offer a tailwind to crypto prices over the coming weeks.

Still, traders should watch for confirmation before making aggressive moves. A breakout above $125 with volume, followed by a retest and support confirmation, would provide the clearest signal of Solana’s path to $180.

Conclusion

The recent whale activity has ignited serious interest in Solana, with bullish technical signals aligning to support a possible rally. With improved market sentiment and SOL flirting with key resistance levels, the stage could be set for one of the biggest breakouts of the quarter. However, traders should stay alert for fakeouts and use caution until confirmation levels are met.