Solana (SOL) Price: Token Forms Bullish Pattern – Will FOMC Decision Spark a Rally?

TLDRA crypto whale unstaked 120,197 SOL worth $17.55 million and transferred it to BinanceOver $450 million in assets were bridged from other chains to Solana in AprilSOL has surged 45% in the last 30 days, currently trading around $147.50Solana is consolidating between $143.5 and $154, with strong support at $120China’s central bank announced a $138 billion liquidity injection, coinciding with the FOMC meetingSolana’s price has been showing resilience in recent days, maintaining support above $143.5 despite a large whale unstaking over $17 million worth of SOL. The cryptocurrency is currently trading around $147.50, up 2.75% after recovering from a brief dip below key support.On May 6, while most cryptocurrencies were facing downward pressure, SOL briefly fell below the $143.5 support level. However, a quick 3% surge in Bitcoin’s price helped push the market into positive territory, allowing SOL to recover swiftly.The rebound attracted attention from traders, with trading volume surging 40% in the past 24 hours. This increased activity comes as SOL has risen 45% over the past 30 days.A potentially bearish signal emerged when a whale unstaked 120,197 SOL valued at $17.55 million and sent the funds to Binance. According to Onchain Lens, this substantial amount of SOL was unstaked after being locked for six months.A whale has completely unstaked 120,197 $SOL worth $17.55M and sent it to #Binance after 6 months of staking.Overall, the whale has staked 120K $SOL ($25.36M) and earned 3,802 $SOL as a reward, yet it faced a loss of $7.8M.https://t.co/BM75ThvsBY pic.twitter.com/OU6uMwruD2— Onchain Lens (@OnchainLens) May 7, 2025During this staking period, the whale earned a reward of 3,802 SOL but still faced a loss of $7.8 million. The transfer to Binance could indicate an intent to sell, which might introduce short-term selling pressure on SOL’s price.Solana (SOL) PriceCross-Chain Bridging Boosts SolanaSolana has been gaining traction in the broader blockchain ecosystem. In April, over $450 million worth of assets were bridged from other chains to Solana, with Ethereum contributing more than $300 million of this amount.This extensive cross-chain activity indicates growing user confidence in Solana’s ability to handle large-scale operations while maintaining cost effectiveness. The increased capital flow toward Solana’s DeFi and dApp ecosystem demonstrates heightened attention from users and developers.Solana’s revenue exceeded $88 million, establishing it as the dominant platform among Layer 1 and Layer 2 chains, generating 41% of total revenue. This performance strengthens SOL’s market position, though sustained growth will require continued network reliability and developer retention.Technical AnalysisFrom a technical perspective, SOL appears to be consolidating in a tight range between $143.5 and $154 over the past two weeks, following a breakout above the key resistance level at $143. This sideways price action after a breakout is typically considered bullish.On the daily chart, SOL has formed an inverse head and shoulders pattern, a bullish reversal pattern that forms at the end of a downtrend. SOL has surged above the neckline at $123.49, which validates the potential for an upward move.The 4-hour chart shows the Relative Strength Index (RSI) has moved above the neutral line, indicating bullish momentum. Similarly, the Chaikin Money Flow (CMF) broke above the zero signal line, suggesting rising buying pressure in the short term.If SOL breaks above $154, a 15% rally could follow, potentially pushing the price toward the $180 mark. On the other hand, a drop below $143.5 might trigger a fall to $132 in the short term.For a longer-term perspective, SOL continues to trade above a critical support range extending from $120 to $150 that has historically triggered substantial upward price movements. The $120 level has repeatedly served as strong support during market downturns.The cryptocurrency is maintaining a trendline support that has been in place since 2020, protecting an uptrend structure across its monthly timeframe. A potential breakout above $180 to $200 could signal another run toward all-time highs around $300.The China stimulus and FOMC meeting could provide additional catalysts for SOL’s price. China’s central bank is preparing to inject 1 trillion yuan (approximately $138 billion) in liquidity into the economy, which could benefit risk assets like cryptocurrencies.If the Federal Reserve surprises with a rate cut, Solana’s price could target $187.80. However, if rates remain unchanged as expected, SOL may continue consolidating within its current bullish structure.The post Solana (SOL) Price: Token Forms Bullish Pattern – Will FOMC Decision Spark a Rally? appeared first on CoinCentral.