- Solana’s bullish sentiment has reached a nine-month high, with positive sentiment at 20% versus bearish sentiment at 9%.
- Solana’s price approached the key resistance at $151 as trading volume rose to $1.7 billion in the past 24 hours.
The last few days, Solana’s [SOL] the social volume and sentiment charts showed significant movements, reflecting the growing optimism surrounding the asset. These shifts in sentiment coincided with SOL’s rising price, bringing it closer to breaking a key resistance point.
Solana’s bullish momentum is gaining momentum
According to data from SantimentSolana traders have been particularly active this week, driving a notable increase in positive sentiment.
The data shows that bullish sentiment for Solana has reached a nine-month high, with traders posting an average of more than five bullish posts for every bearish post across social platforms.
Source: Santiment
Further analysis shows that Solana has seen the highest spike in positive sentiment among the major cryptocurrencies. Although sentiment has cooled somewhat, the overall outlook remains strong, with positive sentiment at 20%, compared to just 9% for bearish sentiment.
This continued positive outlook signals growing confidence among investors, fueling current price trends.
Solana prepares to break the resistance
Solana’s recent price performance has been a key driver of bullish sentiment. Over the past four days, SOL has consistently posted positive gains, moving closer to breaking an immediate resistance level.
If the country manages to break through this resistance, it will have successfully crossed two major barriers within days.
Source: TradingView
At the time of writing, Solana is trading at around $151.2, reflecting an increase of over 2% in the last 24 hours. Over the past four days, SOL has risen more than 5%.
The 200-day moving average (blue line) currently acts as resistance, but Solana is already starting to break this level. If the price breaks through, the next major resistance level is at $160.
For months, the $160 level has proven to be a difficult barrier, with SOL’s price bouncing off it repeatedly. However, if the current momentum continues, it could finally break through this long-standing resistance.
Trading volume is rising alongside bullish sentiment
In addition to the rising sentiment, Solana’s trading volume has soared over the past 24 hours. Current data shows that trading volume is now around $1.7 billion, compared to $1.3 billion in the previous session.
Source: Santiment
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This increase in trading volume coincides with the spike in bullish sentiment, indicating more investors are entering the market.
Increased trading activity often signals the potential for bigger price moves, suggesting that Solana could be poised for further gains in the near term.
Credit : ambcrypto.com
