The price of Solana (SOL) is accumulating near a crucial breakout point, thanks to improvements in on-chain metrics and a record-breaking fundraising event. This technical structure, combined with a decentralized fundraising approach, has attracted significant attention from investors and analysts, with a price target set at $400.
The symmetrical triangle pattern and growth setup of Solana
On the daily price chart of Solana, a long-term symmetrical triangle pattern has formed. Its current price movement is being compressed between converging trendlines, with the peak gradually approaching.
Such patterns often lead to strong price movements. Currently, the price of Solana is close to the upper and lower limits, while previously it was less affected by external factors.
At the time of analysis, the price of Solana is trading slightly below the upper resistance level of the triangle. The compression of price volatility indicates that if the SOL breakout is confirmed, this could be the beginning of a significant price movement.
Therefore, the expected technical targets from a successful breakout indicate that a price level from $375 to $400 could be reached. This level coincides with resistance levels that have turned into support and historical highs.
The Pump.fun fundraising event of Solana raised $600 million
Recently, a fundraising event on Solana through Pump.fun has drawn attention to the efficiency of this network. According to information from Solana's official account, the campaign raised $600 million in just 12 minutes. The fundraising process was entirely on-chain, without the need for support from traditional financial institutions or market intermediaries.
Moreover, this event took place outside of normal financial trading hours when Wall Street was closed. This demonstrates that blockchain platforms like Solana have the capability to support capital formation at all times, unrestricted by centralized systems.
Over 10,000 wallets participated
According to a report from Blockworks Research, the ICO event attracted 10,145 unique wallet addresses. This indicates a distribution of ownership and minimizes capital concentration. The majority of contributions came from investors contributing between $100 and $1,000, reflecting community participation.
Additionally, the average contribution was $539, indicating that retail users make up the largest share among investors. Only a very small portion of addresses made contributions exceeding $100,000, highlighting that fundraising on the blockchain can be more inclusive than traditional fundraising methods.
75.2% of the fundraising on the Solana network
According to the report, 75.2% of the total raised funds occurred on Solana itself. This metric indicates that capital formation is increasingly happening on-chain, with scalable infrastructure.
This event requires technical support from Solana due to its ability to handle large transaction volumes. Furthermore, the on-chain infrastructure not only reduces dependence on intermediaries but also ensures complete transparency in the fundraising process. All donations are made on-chain, and users can track transactions directly. Thus, the intersection of technical chart patterns and on-chain applications has brought the price of Solana to a crucial point.
If the price action of the altcoin breaks above the triangle's resistance and maintains trading volume, a target range from $375 to $400 is entirely feasible. Meanwhile, recent analysis shows that the price of Solana is rising with institutional capital inflows reaching a high of $78 million.
Furthermore, the number of active addresses reached nearly 16 million per day, and net money flow is stable. This is a sign of increasing confidence from both retail and institutional investors.
