Let's first break down the gold content of this 'rising triangle': Over the past 12 days, SOL has been fluctuating in a structure of 'gradually rising lows and high points anchored to resistance' - from a low of $193 to $201 and $207, the bottom of each callback has been rising; while the resistance level is firmly locked near $215, and it has failed to gain a foothold in the first 4 attempts. This form itself is a signal of 'bullish accumulation', like a compressed spring, the longer it is compressed, the higher it bounces.
Looking at the details of the breakout: In yesterday's early trading, SOL fluctuated slightly around $213. Around 10 a.m., it suddenly saw a wave of buying, with trading volume soaring from the usual 120 million USDT/hour to 280 million USDT/hour. The price broke through the $215 resistance level like a clockwork mechanism. In the afternoon, it continued to climb to $218, and the daily line finally closed with a large positive line with a long upper shadow, with a gain of over 3%. More importantly, the trading volume of this breakout K-line was 60% higher than the average trading volume of the previous 5 trading days, which shows that it was not driven up by retail investors following the trend, but by large funds with real money actively 'sweeping the goods', which directly maximized the effectiveness of the breakout.
Anyone familiar with technical analysis knows that the target space after a rising triangle breaks through is usually equal to 'the height of the bottom edge of the triangle'. This time, the rising triangle of SOL, with the bottom edge from $193 to $215, a height of $22, according to technical calculations, the first target after the breakout is $215+22=$237, and the second target can touch $237+22=$259 - which is perfectly in line with the previous institutional forecast of 'rushing to $260 by the end of the year'! And the momentum is still accumulating: the daily MACD red column is 20% larger than the previous day, the RSI has entered the strong zone but is not yet overbought, the Bollinger Bands are opening upwards, and all technical indicators are 'assisting' the rise.
In addition to the technical aspects, the fundamentals are also 'adding fuel' to SOL: The Alpenglow upgrade vote is close to passing, and the approval rate for epoch 842 has reached 68%. Once it is officially implemented, the block confirmation time will be compressed from 12.8 seconds to 150 milliseconds, which is a 'dimensional reduction strike' for high-frequency trading and real-time DeFi applications in the ecosystem; institutional holding data also shows that the number of addresses holding more than 10,000 SOLs has increased by 12 within a week, with a total increase of more than 500,000 SOLs. The continuous entry of institutional funds provides a 'safety net' for SOL's rise.
The most excited people in the market now are the investors who were previously lurking in the triangle - their chips bought low in the $205-210 range have begun to reap profits; and those who haven't gotten on board may be struggling with 'whether to chase the highs'. In fact, there is no need to panic. After the rising triangle breaks through, there is usually a 'retest confirmation' action. If SOL can fall back to around $215 (that is, the previous resistance level, now becoming a support level), and the trading volume shrinks to below 150 million USDT/hour, it will be an excellent opportunity to get on board - after all, this kind of 'technical breakthrough + fundamental support + capital entry' market will not only rise once, and the second rally after the callback is often more stable and higher.
SOL is now like a sports car that has just been refueled. Breaking through the resistance level is just 'passing the starting line'. Next, the goals of $237, $250, and even $260 will be gradually achieved under the impetus of momentum. You should know that in the crypto market, there are not many currencies that can simultaneously meet 'technical pattern breakthrough, fundamental benefits, and continuous capital inflow', and SOL is one of them now. If you miss the market after this breakthrough, you may have to wait a long time to encounter such a certainty opportunity again!
If you are still confused in the currency circle and lack first-hand information and professional guidance, you may wish to click on the avatar to follow Lao Luo. Lao Luo has been deeply involved in the currency circle for many years and shares rich experience and real operating experience every day, leading you to find the right direction and seize opportunities in the complex and volatile currency circle. Let us follow the market trend closely and explore more investment possibilities in Sol's wave of enthusiasm!
