Lately, the indicators for Solana’s [SOL] social volume and sentiment have displayed significant fluctuations, illustrating a growing positive outlook towards the asset. These alterations in sentiment align with SOL’s price uptrend, edging it closer towards surpassing a crucial resistance level.
Augmented bullish momentum for Solana
Recent data from Santiment highlights an active week for Solana traders, propelling a noticeable upsurge in optimistic sentiment.
Statistics demonstrate that bullish sentiment concerning Solana has hit a peak unseen in the past nine months, with traders sharing an average of more than five optimistic posts for each negative post on various social media platforms.
Further scrutiny reveals that Solana has experienced the most remarkable surge in positive sentiment among major cryptocurrencies. While sentiments have slightly moderated, the overarching view remains positive, with a 20% optimism rate versus a mere 9% for bearish sentiment.
This sustained positive perspective indicates an increasing trust among investors, boosting the current price trajectories.
Solana gears up to breach resistance levels
The robust performance in Solana’s recent price action has significantly bolstered its bullish sentiment. In the last four days, SOL has consistently displayed upward movement, progressively nearing a breach of an immediate resistance threshold.
If successful in breaching this resistance level, Solana would have effectively surpassed two crucial barriers in just a short span.
At the time of this composition, Solana is being traded at around $151.2, reflecting a more than 2% surge over the last 24 hours. SOL has witnessed a price appreciation of over 5% in the past four days.
The 200-day moving average (depicted by the blue line) currently poses as resistance, yet Solana is already showing signs of infiltrating this level. Once breached, the subsequent major resistance stands at $160.
Historically, the $160 mark has served as a formidable obstacle, with the price of SOL repeatedly rebounding off it. Nevertheless, if the ongoing momentum persists, a breakthrough of this enduring resistance might be on the horizon.
Trading volume escalates in tandem with bullish sentiment
In conjunction with the soaring positive sentiment, Solana’s trading volume has surged in the past 24 hours. Present statistics indicate a trading volume of approximately $1.7 billion, an increase from $1.3 billion in the prior session.
This upsurge in trading activity aligns with the spike in bullish sentiment, hinting at an influx of new investors into the market.
Elevated trading engagement frequently signals the potential for significant price fluctuations, implying that Solana might be on the brink of potential upswings shortly.