- Blockchain analytics firm Santiment predicts positive market sentiment shift for Solana (SOL).
- SOL’s social engagement surged due to its 60% price increase last month.
- SOL could potentially reach a resistance level of $48.80 next week.
In a recent post, blockchain analytics firm Santiment forecasted a shift in market sentiment for Solana
Santiment ascribed the surge in SOL’s social engagement to its remarkable over 60% price increase in the previous month, propelling it to the seventh position on the ranking of the largest cryptocurrencies by market capitalization. This significant price rise was concurrent with the increase in SOL’s social volume, which peaked in the last five months.
At the time of writing, SOL maintained its position as the seventh-largest cryptocurrency, boasting a market capitalization of $16.141 billion. It also sustained its remarkable monthly performance, recording a new 7.68% increase in the last 24 hours, as per data from CoinMarketCap. Consequently, the digital asset was being exchanged at $38.43.
Technically, SOL was striving to surpass the resistance level of $39.35 at the reporting time. This barrier had previously repelled it in today’s trading session, resulting in its present trading position.
However, if SOL manages to end today’s trading session above this crucial price level, it could trigger further upward movement. Under this optimistic outlook, SOL could establish the necessary base to climb to the next resistance level of $48.80 in the ensuing week.
On the flip side, if SOL fails to end today’s trading above $39.35, it could face a correction down to the next significant support level at $33.90. Following this, if the selling pressure continues at this level, SOL might further decline below $33.90, potentially reaching a low of $28.60 in the near term.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
