- Rising wedge breakout hints at correction, with $200-$225 as key demand zone
- Galaxy Digital leads a $1.55B Solana buying spree, signaling institutional conviction
- On-chain data shows SOL exchange supply at 3-year lows, boosting bullish outlook.
Solana cools off after a sharp climb, slipping to $234.65 with a 5.39% drop. As resistance holds at $250, whale accumulation and deep liquidity zones hint at a possible breakout brewing just beneath the surface.
Rising Wedge Signals Pullback Before Potential Bounce
Solana’s recent price action has been marked by a breakout from a rising wedge pattern, reaching highs close to $250. According to chart analysis shared by IncomeSharks, while the breakout confirmed bullish momentum, the pattern typically precedes a short-term correction.
The hand-drawn projection shows a retracement to the $220 area, followed by a deeper correction toward the wedge’s lower trendline at $200 . If this correction tests the breakout zone as support, it could set the stage for a possible continuation of the uptrend. If the $250 is broken successfully bulls could run higher..
Liquidity Clusters and Whale Activity Fuel Bullish Case
A liquidity heatmap from CoinGlass highlights a significant buy-side demand zone between $200–$225. This range is seeing heavy accumulation, suggesting large players are preparing to absorb any dips.
The buying activity aligns with on-chain trends tracked by Glassnode. SOL held on exchanges is near a three-year low, hovering around 2–3%.Such low exchange balances have preceded price rallies in the past, for it signals reduced sell pressure and stronger long-term holding behavior.
Adding to the bullish narrative, Galaxy Digital has emerged as a major Solana buyer. Galaxy purchased 1.2 million SOL worth $306 million in a single day, sending the tokens to custody firm Fireblocks. Over five days, the firm has accumulated over 6.5 million SOL — a total investment of around $1.55 billion.
On-Chain Strength Set Stage
The combined impact of deep buy-side liquidity, reduced exchange balances, and aggressive whale accumulation sets a strong foundation for Solana’s long-term bullish trajectory. However, in the short term, the $250 resistance remains critical. A clean breakout above could signal the start of a new rally.
Meanwhile, the $200–$225 range is shaping up as a key battle zone. If the price corrects into this area, eyes will be on whether institutional bids continue to hold. Given the current setup, any retracement may be seen as a buying opportunity rather than a trend reversal.
