Like the wide crypto market, the price of Solana (SOL) witnessed important maturation implicit the past week. According to the latest on-chain data, this mightiness lone beryllium the opening for SOL’s price, with respective indications of further upside imaginable for the altcoin.
What’s Behind Solana’s Recent Price Climb?
In a caller report, blockchain quality steadfast Santiment offered penetration into the caller terms of Solana. According to the analytics platform, the terms of SOL has swung upward by much than 33% since the 4th of July, rewarding investors who continued to stake large connected it contempt the sluggish marketplace conditions.
Santiment mentioned that this affirmative tally of signifier displayed by the altcoin implicit the past 2 weeks tin beryllium linked to capitalist sentiment. The blockchain steadfast noted that the terms ascent was triggered and sustained by assemblage doubt.
Typically, the cryptocurrency marketplace and plus prices thin to determination successful the other absorption of the crowd. Hence, erstwhile determination is euphoria and excitement amongst investors, assets thin to autumn successful value. Meanwhile, plus prices are apt to summation erstwhile determination is assemblage disbelief oregon FUD (fear, uncertainty, and doubt).
Despite the sustained summation successful Solana’s value, determination is yet to beryllium a shift successful capitalist sentiment — which is presently negative. This on-chain reflection is based connected Santiment’s weighted sentiment metric, which measures the wide affirmative and antagonistic sentiment toward a cryptocurrency.
Furthermore, with the continued antagonistic sentiment towards Solana, Santiment believes that the token’s terms could acquisition a further emergence this weekend. “Until FOMO replaces the FUD, $200 SOL is precise overmuch reachable soon,” the on-chain analytics level revealed.
Solana Price To $200?
A instrumentality to $200 would beryllium a highly breathtaking determination for the Solana price, having faced rejection astir the portion backmost successful mid-March and aboriginal April. However, it is simply a feat that would instrumentality astatine slightest a 20% summation from the existent terms point.
The Solana faithful person been rewarded for their patience arsenic prices person breached retired +33% since the 4th of July. The ascent is being fueled by assemblage uncertainty toward SOL. Until FOMO replaces the FUD, $200 SOL is precise overmuch reachable soon. pic.twitter.com/hLpf8qZVqb
— Santiment (@santimentfeed) July 19, 2024
As of this writing, the terms of Solana appears to beryllium presently facing absorption astir the $170 mark, though it is up by astir 4% successful the past 24 hours. According to CoinGecko data, the altcoin has accrued successful worth by 20% implicit the past week.
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