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According to on-chain analytics firm Santiment, Solana (SOL), the fifth largest cryptocurrency by market capitalization, has stunned bears with a 33% increase over the last two weeks.
Santiment noted that Solana prices have broken out 33% since July 4, and this climb is being fueled by crowd doubt toward SOL. It went on to say that this current scenario is benefiting Solana Hodlers, noting that "The Solana faithful have been rewarded for their patience as prices have broken out +33% since July 4."
As long as the current FUD (fear, uncertainty and doubt) persists, according to Santiment, Solana might see price climbs with crowd belief allowing further price rise.
Tomiwabold OlajideSantiment added that unless FOMO (fear of missing out) replaces the FUD, the $200 mark might be soon reachable.
Solana to $200?
At the time of writing, SOL was barely up 1% in the last 24 hours to $169. The token, however, remains higher at 21% weekly.
The latest rebound follows as Solana rose steadily from lows of $121 on July 5. Since then, bulls have driven Solana higher, signaling strong demand. If this rebound scenario sustains, Solana could climb to $180 and eventually to the $200 level.
As previously reported, Ali Martinez, a crypto analyst, spotted a "W" pattern, which bears similitude with the double bottom, and highlighted a price target of $175. This scenario also highlights the possibility of a $200 price target if Solana continues soaring.
This optimistic view will be negated in the near term if SOL's price falls below the moving averages. Solana's price might then return to its earlier consolidation range before the next major move.
Alex Dovbnya
Arman Shirinyan
Vladislav Sopov
Dan Burgin
U.Today Editorial Team