Solana reclaims $180: Can high social volume push SOL to $200?

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  • Solana reclaims $180 after strong 11% bounce from $162 support.
  • Social volume hits 6-month high as positive funding rates suggest sustained bullish momentum.

As a seasoned researcher with a penchant for digging into the intricacies of cryptocurrency markets, I find the recent performance of Solana (SOL) particularly captivating. After weathering the storm at $162 and bouncing back with an 11% surge, SOL is currently trading at $180.45 – a testament to its resilience and the underlying bullish sentiment among investors.

After withstanding strong defenses, Solana (SOL) has demonstrated impressive resilience by holding its ground at the crucial support level of $162. Following a test of this key support, charts indicate a robust 11% increase in value since then. At the moment of press, SOL was trading at $180.45.

Solana’s recent bounce occurred at a key demand zone, suggesting strong buyer presence at lower levels. 

Solana social interest reaches fever pitch

Based on Santiment’s data, the social activity surrounding Solana has risen to levels not witnessed in the previous six months. This increase is evident in the altcoin’s social volume, which shows a significant surge in conversations and references about Solana across various social media platforms, notably since early October.

Social interest tends to rise before major price changes, much like what happened with SOL during its past price surges.

Funding rates signal bullish momentum

A closer examination by AMBCrypto of Binance‘s funding rate data indicates a prominent upward trajectory, showing only a few instances of negative values since July 2024.

In this prolonged period where interest rates remain favorable, investors show a readiness to spend extra money to keep their long-term investments, suggesting they’re quite optimistic about the future of the futures market.

Furthermore, it’s worth noting that the Solana has experienced an increase in its long-to-short position ratio. Approximately 52% of all positions are currently held as long positions.

In simpler terms, there’s more buying (long positions) than selling (short positions), which is a strong sign of optimism for an upcoming price increase.

Solana technical setup points higher

The technical structure presents a clear breakout from a multi-month consolidation phase.

As the price is currently challenging the $180-$190 resistance area, it seems Solana (SOL) could be preparing to advance towards the psychologically significant $200 mark.

The formation of higher lows since July further reinforces this bullish outlook.

Considering the blend of favorable public opinion, promising investment trends, and robust technical indicators, it’s possible that Solana (SOL) is gearing up for another surge in its price.

Yet, the $189 barrier continues to be significant, since surpassing it might boost speed towards $250.

The key support at $162 remains crucial for maintaining the bullish structure.

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2024-10-30 02:15