As the crypto market continues to take centre stage thanks to the uptrend, Solana (SOL) is riding on this wave after hitting levels last seen in January 2022.
Solana recently soared to the $197 zone thanks to positive crowd sentiment, as highlighted by Santiment.
The leading on-chain metrics provider disclosed that Solana was enjoying at least 54% positive crowd sentiment from various platforms, such as Twitter, Telegram, and Reddit.
Therefore, this shows that Solana is enjoying heightened investor interest, which is one of the factors making it to scale heights.
Is the $500 Zone Likely For Solana?
As bullish momentum trickles into the Solana network, top crypto analyst Rekt Capital believes that the fifth-largest cryptocurrency based on market value might revisit the $250 area, which is a major resistance.
Based on Rekt Capital’s analysis, no major stumbling block exists for Solana hitting the psychological price of $500. If this is attained, SOL will validate its quest to go past the all-time high price of $259 recorded in November 2021.
On the other hand, the Fibonacci level at 61.8% shows that Solana’s intention of soaring to $500 will become a reality once a breakout from the $358 zone is achieved.
Solana was hovering around the $196 zone at press time, according to CoinGecko data.
Meanwhile, March is turning out to be a good month for Solana as SOL continues to be in the green based on various factors, such as price momentum, supply and demand, and market conditions.
Solana’s growing meme coin ecosystem is also instrumental in the current uptrend, with meme coins such as WIF and BONK leading the pack.
Leave a Reply
This site uses Akismet to reduce spam. Learn how your comment data is processed.
