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Solana Priced at $200? This Blockchain Company Thinks So
Like the general cryptocurrency market, Solana price (SOL) has seen significant growth over the past week. According to the latest on-chain data, this could be just the beginning for SOL price, with several indications of further upside potential for the altcoin.
What’s behind Solana’s recent price increase?
In a new report, blockchain intelligence firm Santiment offered insights into Solana’s recent price. According to the analytics platform, SOL’s price has risen more than 33% since July 4, rewarding investors who continued to bet heavily on it despite sluggish market conditions.
Holiness said that this positive streak of results shown by the altcoin in the last two weeks can be linked to investor sentiment. The blockchain company noted that the price increase was triggered and supported by the doubts of the crowd.
Typically, the cryptocurrency market and asset prices tend to move in the opposite direction of the crowd. So, when there is euphoria and excitement among investors, assets tend to lose value. Meanwhile, asset prices are likely to rise when there is crowd disbelief or FUD (fear, uncertainty, and doubt).
Despite the sustained increase in Solana’s value, there is still no change in investor sentiment — which is currently negative. This on-chain observation is based on Santiment’s weighted sentiment metric, which measures the overall positive and negative sentiment toward a cryptocurrency.
Furthermore, with the continued negative sentiment towards Solana, Santiment believes that the token’s price could see a further increase this weekend. “Until FOMO replaces FUD, $200 SOL is very soon within reach,” the on-chain analytics platform revealed.
Solana price at $200?
A return to $200 It would be a very exciting move for Solana’s price, after meeting rejection in the area in mid-March and early April. However, it is a feat that would require at least a 20% increase from the current price.
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📈 Solana faithful have been rewarded for their patience as prices have surged +33% since July 4th. The rally is fueled by the crowd’s doubts about SOL. As long as FOMO does not replace FUD, $200 SOL is very soon to be reached. photo.twitter.com/hLpf8qZVqb
— Santiment (@santimentfeed) July 19, 2024
At the time of writing, Solana price currently appears to be facing resistance around the $170 level, although it has increased by almost 4% in the last 24 hours. According to CoinGecko data, the altcoin has increased in value by 20% in the last week.
Featured image by Dreamstime/Aivaras Sakurovas, chart by TradingView