Solana’s performance has been quite impressive lately, with a notable increase of over 6% in the past week. The cryptocurrency managed to close above its previous weekly high, sparking positivity among traders.
Currently, Solana is stabilizing around $154, showing signs of bullish momentum. Many experts view this as the calm before a potential breakthrough, as SOL approaches the crucial $160 resistance level.
Shift in Solana’s Whale Activity
One of the primary catalysts behind Solana’s uptrend is the increased involvement of whales. Analysis of Santiment data reveals that holders of over 5 million SOL now control 56.80% of the total supply.
This heightened participation from major holders often signals a promising outlook for price surge.
Growing Social Media Buzz Boosts Solana’s Popularity
Solana has been gaining significant attention on social media platforms, reflecting a surge in market sentiment. The cryptocurrency’s Social Dominance has soared to 3.72%, underscoring its growing popularity.
Typically, a surge in social media mentions indicates rising interest from both individual investors and institutional players, supporting a bullish breakout.
Bears Start to Make Their Presence Felt
Despite the overall positive trend, the Solana Long/Short Ratio remains relatively conservative. According to Coinglass, 51.96% of traders were taking short positions, suggesting a level of skepticism prevailing in the market.
This divergence suggests that although most remain optimistic about Solana’s prospects, there are lingering doubts about its ability to breach the $160 resistance level.
With increased whale activity and escalating social media visibility, Solana appears poised for further growth.
Nevertheless, the prevailing scenario where more than half of traders hold short positions suggests a need for caution moving forward.