SOL breaks ascending triangle pattern and is poised to soar higher, trader weights in
The great momentum shown by SOL is propelling Solana’s ecosystem meme coins, such as WIF and BONK.
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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.
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