Solana Consolidates Amid Whale Activity: Key Support Levels Signal Potential Breakout or Further Retracement

Key Points

1. Significant whale activity, including large deposits to exchanges like Kraken, is influencing Solana's short-term price movement, indicating possible profit-taking.

2. Technical patterns like the descending triangle and falling wedge suggest potential breakout opportunities if the price moves upward.

3. Key Fibonacci levels highlight $170 as crucial support and $195 as resistance, with a rebound possible if the price stays above $170.

4. Liquidation risks and market volatility are heightened, with the 50% Fibonacci level being a critical point for Solana's price direction.

5. The market is closely watching for a break from the current negative trend, with resistance levels at $195 and $200 being pivotal for a potential rebound.