$SOL
Solana is soaring, and the 292 target is within reach! 🚀
SOL has gone crazy! Recently, the news has been flying all over the sky. Not only has it broken through the suppression of the bull pennant, but it has also been assisted by a series of major events and is close to the historical high! Next, let's take a look at how the SOL market will ride the wind and waves and hit the 292 target! 👇
A wave of good news has come, why is SOL rising? 🎉
Gary Gensler resigned from the SEC, and the market was boiling instantly! Driven by the crypto assets that he frequently targeted during his tenure, the price of SOL directly rose by more than 12%, approaching the historical high three years ago.
XRP and ADA, which were "targeted" like SOL, also rose wildly, with XRP rising by more than 25%, and ADA hitting a new high since 2022.
Spot Solana ETF proposal ignites the market
CboeBZX submitted 4 spot ETF documents, including Bitwise, VanEck, etc.
It is worth noting that Bitwise took the lead in registering the trust fund in advance and submitting the S-1 document, further demonstrating their confidence in the Solana market.
Whales are madly absorbing funds
Data shows that Solana's large funds continue to pour in, indicating that they have extremely high bullish expectations for the future. This move further ignited the confidence of retail investors.
Technical analysis: Bullish pennant pattern breakthrough! 📈
What is a bullish pennant?
It is a consolidation pattern in which the price gradually narrows between the highs and lows, shaped like a triangle, which is a typical bull market continuation signal.
Breakthrough upper edge: SOL price has successfully broken through the upper boundary of the pennant pattern, indicating that bulls are confident!
Future trend forecast: SOL impact 292? 🌟
Optimistic scenario:
Breakup target: If the price can continue to stay above 262 and attract more capital inflows, the target of 292 is just around the corner, and it may even test the 300 mark!
Risk control: If the market heat weakens, the price may fall back to the 250 area to find support, but the bull market tone remains unchanged.
Strategy suggestions: 🎯
Long: If the price continues to stand at 262, you can build positions in batches, with a target price of 292-335. If the price falls back to around 250 and stabilizes, it is a good opportunity to enter the market at a low level.
Short: Don't short in a bull market! The current market is biased towards bulls, and it is recommended to follow the trend.
SOL's current rally is very strong, 292 is just a small target, and there may be bigger surprises in the future!