SOL, the native token of the Solana blockchain, is poised for a massive upside rally as market sentiment begins to shift and whale activity increases. Recently, the blockchain-based transaction tracker Whale Alert posted on X (formerly Twitter) that a crypto whale had moved 1,030,000 SOL, worth $110.29 million, from the Kraken exchange.

However, the wallet address of the whale remains unknown.

Why is Solana (SOL) Price Rising?

This substantial SOL transfer occurred while the cryptocurrency market was experiencing downside momentum ahead of Donald Trump’s 90-day tariff pause announcement. The timing has raised concerns of potential insider information, as SOL—along with other assets—skyrocketed following the transaction.

At press time, SOL is trading near $119 and has recorded a price surge of over 13.50% in the past 24 hours. During the same period, its trading volume jumped by 35%, indicating heightened participation from traders and investors.

Solana (SOL) Technical Analysis and Upcoming Level

Following the surge in SOL’s price, the asset has reached a key resistance level, which has been formed by a descending trendline since early February 2025.

According to expert technical analysis, SOL is on the verge of breaking out of a bullish falling wedge price action pattern. Based on recent price action, if the current market sentiment remains unchanged, there is a strong possibility it could breach this pattern and rally significantly. According to the daily chart, if SOL closes a daily candle above $125, the asset could potentially soar by 40% to reach the $180 level.

At present, SOL is trading below the 200 Exponential Moving Average (EMA) on both the four-hour and daily timeframes, which still indicates that the asset is in a downtrend.

Traders Key Levels

Despite the current market sentiment and the price forming a bullish pattern, traders are seen betting on the bearish side, as reported by the on-chain analytics firm Coinglass. Data reveals that traders are currently over-leveraged at $112.60 on the lower side and $117 on the upper side.