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Solana (SOL) About to Explode? Hidden Metric Tells a Lot

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Sun, 7/04/2024 - 12:31
Solana (SOL) About to Explode? Hidden Metric Tells a Lot
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Solana is in tough times lately. A lot of people are not feeling too good about it, according to Santiment's network sentiment indicator, especially since there was a network outage on Feb. 6, which leads to depressing sentiment around the asset. But now, some say that Solana's price might actually go up because not many people expect it to.

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When a lot of people think the price of something will go down, sometimes the opposite happens. That's what some folks think might happen with Solana now. The feeling about Solana is at a low point, which might mean it is time for things to start looking up.

SOLUSD
SOL/USDT Chart by TradingView

If we look at Solana's price chart, we can see it is at $179.38. If we are going to see an ascent, it needs to pass a tough spot at $180. If it can do that, maybe it can reach $200 next. But first, Solana needs to keep above the 50-day average price of $155.24. This is a line it should not cross below if we want to see the price go up.

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If the price does drop below $155.24, the next spot where it might stop falling is around the 100-day average price of $134.59. And if it falls even more, there is a 200-day average price of $102.77 is the next big spot that could help stop the drop and turn things around.

Even though many people are not very hopeful about Solana right now, this could be a sign that the price will start to rise instead. There is also a strategy where investors choose to counter-trade the market sentiment and gain the upper hand instead.

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