Is $200 Within Reach For Solana Price? Here’s Why This Blockchain Firm Thinks So
21 Juillet 2024 - 12:30AM
NEWSBTC
Like the general crypto market, the price of Solana (SOL) witnessed
significant growth over the past week. According to the latest
on-chain data, this might only be the beginning for SOL’s price,
with several indications of further upside potential for the
altcoin. What’s Behind Solana’s Recent Price Climb? In a new
report, blockchain intelligence firm Santiment offered insight into
the recent price of Solana. According to the analytics platform,
the price of SOL has swung upward by more than 33% since the 4th of
July, rewarding investors who continued to bet big on it despite
the sluggish market conditions. Related Reading: Crypto Market
Rebounds From Lows, But Why Are Cardano Holders Suffering Losses?
Santiment mentioned that this positive run of form displayed by the
altcoin over the past two weeks can be linked to investor
sentiment. The blockchain firm noted that the price climb was
triggered and sustained by crowd doubt. Typically, the
cryptocurrency market and asset prices tend to move in the opposite
direction of the crowd. Hence, when there is euphoria and
excitement amongst investors, assets tend to fall in value.
Meanwhile, asset prices are likely to increase when there is crowd
disbelief or FUD (fear, uncertainty, and doubt). Despite the
sustained increase in Solana’s value, there is yet to be a shift 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
experience a further rise this weekend. “Until FOMO replaces the
FUD, $200 SOL is very much reachable soon,” the on-chain analytics
platform revealed. Solana Price To $200? A return to $200 would be
a highly exciting move for the Solana price, having faced rejection
around the zone back in mid-March and early April. However, it is a
feat that would take at least a 20% increase from the current price
point. 📈 The Solana faithful have been rewarded for their patience
as prices have broken out +33% since the 4th of July. The climb is
being fueled by crowd doubt toward SOL. Until FOMO replaces the
FUD, $200 SOL is very much reachable soon.
pic.twitter.com/hLpf8qZVqb — Santiment (@santimentfeed) July 19,
2024 Related Reading: Shiba Inu Price Drops 10% As 5 Trillion SHIB
Flood To Exchanges Following WazirX’s Exploit As of this writing,
the price of Solana appears to be currently facing resistance
around the $170 mark, although it is up by nearly 4% in the last 24
hours. According to CoinGecko data, the altcoin has increased in
value by 20% over the past week. Featured image from
Dreamstime/Aivaras Sakurovas, chart from TradingView
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