$SOL this run-up from 109 to 120—within 24 hours it rallied 9 points, and trading volume surged to $3.8 billion. On the surface, it looks like crypto’s own carnival, but at the root, you have to look to the U.S. stock market from last night. Nasdaq set a new closing high again. Tech stocks are pushing the index higher—this isn’t something you can dismiss with just four words like “risk appetite recovering.” The transmission path is like this: U.S. tech stocks strengthening signals that the market is raising its pricing for growth-oriented assets. The big tech companies in the Nasdaq are, in essence, the same kind of instruments as crypto assets—they’re valued based on expectations of future cash flows. When tech stocks are being chased, the institutional “high-risk, high-return” allocation model automatically marks crypto assets up as well. This isn’t a coincidence either; in the earlier rounds, the correlation between SOL and Nasdaq had visibly grown stronger. More importantly, there was a signal from the U.S. stock market last night: capital has started flowing into small- and mid-cap tech stocks. Look at the tickers that were singled out as “to buy”—they’re all more growth-oriented. Once this rotation forms, the spillover effect will hit first Bitcoin and Ethereum, and then quickly transmit to SOL—such a high-beta mainstream coin. Why SOL? Because its market cap is large enough and liquidity is good enough. The $3.8 billion in volume shows there’s no barrier for big funds to enter and exit, and it also has enough elasticity: when it rises, it moves faster than BTC—making it the natural choice when long sentiment is hot. My view is that this SOL rally from 109 to 120 isn’t an isolated event. Nasdaq’s new high gives the crypto market a “safety cushion,” letting bulls dare to keep picking up at the 120 level. The 24h high is also the current price, which suggests buy-side demand hasn’t yet exhausted. But be careful: this kind of linkage is a double-edged sword. If next week’s U.S. tech stocks pull back, SOL would likely give back the gains at an even faster pace. If you’re chasing the price now, you’re betting that the U.S. tech rally hasn’t finished. The basis is this: trading volume for SOL has expanded to $3.8 billion—that’s not retail behavior; it’s institutions rebalancing. And the trigger for institutional rebalancing is exactly what happened first on the U.S. side. So for SOL’s short-term action, don’t just focus on SOL—better to watch how Nasdaq trades tonight first. What do you think?