Recent data on Solana’s (SOL) social sentiment and volume indicates a notable shift towards optimism surrounding the cryptocurrency. This surge in positive sentiment aligns with SOL’s price increase, bringing it closer to breaking a crucial resistance level.
Growing Momentum in Solana’s Favor
Reports from Santiment highlight the increased activity among Solana traders, leading to a surge in optimistic sentiment.
The latest statistics reveal that bullish sentiment for Solana has hit a peak not seen in nine months, with an average of more than five positive posts for every negative one across various social media platforms.
Comparative analysis shows that Solana has experienced the most significant rise in positive sentiment among major cryptocurrencies. Although sentiment has slightly cooled off, the overall picture remains favorable, with positive sentiment standing at 20%, compared to a mere 9% for bearish sentiment.
This sustained positive outlook underscores a growing faith among investors, which is propelling the current price movements.
Solana’s Impending Resistance Breakthrough
The recent bullish sentiment towards Solana is largely attributed to its strong price performance. SOL has demonstrated consistent gains over the past four days, edging closer to surpassing an immediate resistance level.
A successful breach of this resistance would mark the overcoming of two significant barriers within a short timeframe.
At present, Solana is exchanging hands at around $151.2, reflecting a more than 2% increase in the last 24 hours. Over the recent four-day period, SOL’s value has surged by over 5%.
While the 200-day moving average (represented by the blue line) currently poses as a hurdle, Solana is showing signs of encroaching upon this level. Failing any obstacle, the subsequent major resistance point stands at $160.
Historically, the $160 threshold has proven to be a resilient barrier, with SOL’s price consistently rebounding from it. Nonetheless, should the ongoing bullish momentum persist, there is a chance to finally surpass this long-standing resistance.
Amid Optimism, Trading Volume on the Rise
Alongside the surge in positive sentiment, Solana’s trading volume has witnessed a notable uptick over the past 24 hours. Current figures indicate trading volume around $1.7 billion, a significant rise from the previous session’s $1.3 billion.
This escalation in trading activity aligns with the spike in bullish sentiment, signaling an influx of new investors into the market.
Elevated trading volumes commonly suggest the potential for larger price swings, hinting at a promising outlook for Solana’s future gains.