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Solana (SOL) is attempting to reclaim a key support level amid the recent market recovery, with bullish sentiment seemingly returning to the Altcoin. Some analysts suggested that its momentum could propel the cryptocurrency to the next crucial resistance.
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Solana Sentiment Hits Positive Levels Again
Over the past few days, Solana has seen a bullish recovery from last week’s lows, surging 14% from the $121 support. The market’s recovery has propelled the token above the $145 barrier earlier this week, after printing five consecutive green daily candles.
Amid this week’s surge, on-chain analytics platform Santiment highlighted that Solana’s social sentiment has seen a massive surge to historic highs fueled by institutional interest, technological advantages, community support, and influencer engagement.
“With news of institutions like GameStop and BlackRock are integrating Bitcoin and launching yield-bearing tokenized treasury funds on Solana, crypto’s #5 market cap asset is seeing an astounding level of bullish sentiment pouring in on social media,” explained Santiment’s Director of Marketing, Brian Quinlivan.
Per the post, social media posts reflect optimism for SOL’s price recovery and a bullish outlook on the broader crypto market. Notably, Solana registers a “nearly unheard of positive vs. negative commentary ratio of 18:1 right now.”
Just a month ago, the SOL’s sentiment hit its lowest level in a year. According to analyst Miles Deutscher, the sentiment has not been at those levels since Solana reclaimed the $100 barrier in early 2024.
It’s worth noting that market sentiment significantly shifted following the collapse of the memecoin frenzy, which fueled SOL’s rally throughout last year. After the TRUMP and MELANIA memecoin launches and the LIBRA token controversy, several community members expressed increasing fatigue from the numerous scams.
Subsequently, the cryptocurrency’s price dropped over 50% from its January all-time high (ATH), losing the $200 support zone and hitting a yearly low of $111 earlier this month.
SOL Gearing Up For Next Big Resistance
Various market watchers noted Solana’s recent performance, underscoring the reclaim of the $136 level on Monday. This level has been a significant resistance for the past two weeks and has also served as a key breakout level during the Q1 and Q4 2024 breakouts.
Analyst Jelle considers there’s “a lot of ground to cover” despite the “solid reclaim” of the 2024 range lows. Meanwhile, another market watcher pointed out that Solana broke out an ascending triangle pattern after the price surge.
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After attempting to reclaim the $140 mark this morning, SOL is currently retesting the recently recovered support, hovering between the $136-$139 price range. A successful breakout confirmation could impulse Solana’s rally toward the next big barrier, at $180.
According to Ether Wizz, SOL is “fully ready for its next B I G move.” Once the next crucial resistance is broken, the “next leg up will take us towards $270. Many people are still not ready for this move,” the analyst concluded.
As of this writing, Solana trades at $138, a 2% surge in the weekly timeframe.
Featured Image from Unsplash.com, Chart from TradingView.com