Solana (SOL) Price Could Rally This Weekend as Crowd Doubt Persists: Santiment
- PHPzOriginal
- 2024-07-21 22:57:11313browse
Like the general crypto market, the price of Solana (SOL) witnessed significant growth over the past week. According to the latest on-chain data, this might only be the beginning for SOL's price
Solana (CRYPTO: SOL) price, like the general crypto market, saw a significant increase last week. Based on the latest on-chain data, this could be just the beginning for SOL price, and there are several indications of further upside potential for the altcoin.
What's Caused Solana's Latest Price Increase?
On-chain的情报会社Santiment, new offered insights into Solana's latest price in a report. According to the analysis platform, SOL price has increased by more than 33% since July 4, encouraging investors to bet big despite slow market conditions.
Santiment noted that this positive price movement has been shown in the last two weeks and is linked to investor sentiment. The on-chain firm noted that the price increase was triggered and sustained by suspicion of the crowd.
Generally, the cryptocurrency market and asset prices tend to move in the opposite direction of the crowd. Therefore, when there is enthusiasm and excitement among investors, assets lose value. Meanwhile, asset prices are likely to rise when there is crowd disbelief or FUD (fear, uncertainty and doubt).
Despite the continuous increase in Solana value, there has been no shift in investor sentiment yet and is currently negative. This on-chain observation is based on Santiment's weighted sentiment metric, which measures overall positive and negative sentiment towards a cryptocurrency.
Also, with persistent negative sentiment towards Solana, Santiment believes the token price could rise further this weekend. “$200 SOL is within reach very soon until FOMO replaces FUD,” the on-chain analytics platform stated.
$200 Solana Price?
$200 for Solana price, which faced rejection around the region in mid-March and early April A return to would be a pretty exciting move. However, this would require at least a 20% increase from the current price point.
As of this writing, Solana price appears to be facing resistance at the $170 level but is up around 4% in the last 24 hours. According to CoinGecko data, the altcoin gained 20% in value last week.
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