Is $200 Within Reach for Solana Price? Here’s Why This Blockchain Firm Believes So
Like the overall cryptocurrency market, Solana (SOL) has seen noteworthy growth in its price in recent times. According to blockchain intelligence firm Santiment, this upward trend could just be the beginning for SOL, as there are several indications of further potential growth for the altcoin.
In a recent report, Santiment provided insights into Solana’s recent price climb. The analytics platform revealed that SOL has surged by over 33% since July 4th, rewarding investors who remained confident in the token despite the market’s sluggish conditions.
According to Santiment, this positive performance by Solana in the past two weeks can be attributed to investor sentiment. The blockchain firm noted that the price surge was triggered and sustained by crowd doubt.
It is common for cryptocurrency prices to move in the opposite direction of the crowd. Consequently, when investors are optimistic and enthusiastic, prices tend to decline. On the other hand, prices tend to rise when there is doubt and uncertainty in the market.
Despite the consistent increase in Solana’s value, investor sentiment has not shifted and remains negative. Santiment based this observation on its weighted sentiment metric, which measures overall positive and negative sentiments toward a cryptocurrency.
Moreover, due to the persistently negative sentiment surrounding Solana, Santiment predicts that the token’s price could experience further growth in the upcoming weekend. The on-chain analytics platform disclosed, “Until FOMO replaces the FUD, $200 SOL is very much reachable soon.”
Reaching $200 would be a significant milestone for Solana’s price, considering that it faced rejection around that level in mid-March and early April. However, achieving this feat would require at least a 20% increase from the current price point.
As of now, Solana’s price seems to be encountering resistance around the $170 mark, although it has risen by nearly 4% in the past 24 hours. CoinGecko data indicates that the altcoin has gained 20% in value over the last week.
In conclusion, Santiment believes that Solana has the potential to reach $200 in the near future, given the persistently negative sentiment and the recent positive price surge. However, it remains to be seen whether the altcoin can overcome resistance and continue its upward trajectory.