Recently, the price trend of SOL has attracted widespread attention in the market. It has risen from $180 last week to $206, an increase of $26. This surge is not only strongly supported by the fundamentals of the ecosystem but also benefits from expectations that the Federal Reserve may cut interest rates. However, as the price approaches the historical high of $209, signs of hesitation have begun to appear in the market.

On the Binance platform, the funding rate for the SOL/USDT perpetual contract has surged to 0.08%, while sell orders around $209 have suddenly increased to 80 million USDT. These signs indicate that a fierce battle between bulls and bears is unfolding at this key position.

In-depth analysis of the current core bullish and bearish driving factors of SOL reveals that the bullish logic is mainly composed of three major supporting forces:

First, the SOL ecosystem is experiencing a "double explosion", reflecting real growth rather than false prosperity. Data shows that the total value locked (TVL) in the SOL ecosystem has remained stable at over $8.6 billion for three consecutive weeks, a 19% increase from last month's $7.2 billion. It is worth noting that this growth is not reliant on a single project, but rather the overall development of the entire DeFi sector.

Secondly, the continuous improvement of network performance provides a solid technical foundation for SOL. Finally, the increase in institutional investors' holdings also provides strong support for the rise in SOL's price.

However, we cannot ignore the potential risk factors. The recent rapid increase may lead to a short-term correction, and the overall volatility of the cryptocurrency market may also affect the performance of SOL.

For investors, it is important to weigh the risks and opportunities. The intraday volatility of SOL can reach up to 15%, meaning that correct judgments can yield substantial returns, but incorrect decisions can also lead to significant losses. Therefore, it is advised that investors closely monitor market trends, allocate assets wisely, and always maintain a sense of risk awareness.