SOL breaks ascending triangle pattern and is poised to soar higher, trader weights in

Solana (SOL) jumped 18% in the last 24 hours considering the time of writing and broke its ascending triangle pattern, according to an X post by trader Rekt Capital. On Feb. 28, the trader highlighted that SOL was trying to break the $113 mark convincingly to escape the triangle.

After this movement, Rekt Capital estimates a run for the $150 price level, with a first correction below $120 and another when SOL approaches the $130 level. “Any dips, whether into the black or even green levels, will likely serve as post-breakout retest points for SOL before confirming trend continuation to the upside,” he explains.

SOL’s momentum is also giving a boost to the meme coins built on Solana’s ecosystem. Dogwifhat (WIF) has soared 140% in the past seven days when the time of writing is considered, and 170% when compared to its price peak registered on Feb. 28.

BONK also registered decent gains over the last seven days, with 96% growth in this period. However, BONK is still 30% shy of its all-time high, registered on Dec. 15, 2023.

Despite its 25% weekly jump, SOL is not getting much attention from investors who expose themselves to crypto through funds in February. Over the last week, SOL-indexed funds registered $3 million in outflows, and only $1 million in assets under management in the year-to-date period, according to data from CoinShares.