Solana （SOL） has shown significant growth recently, with experts predicting a potential rise to $200. This article examines the factors driving Solana’s price increase and the market sentiment surrounding it.
Points
- Solana’s price has increased by over 33% since July 4.
- Crowd doubt is fueling the price climb, according to blockchain intelligence firm Santiment.
- Experts believe a rise to $200 is possible if current trends continue.
The price of Solana （SOL） has witnessed substantial growth over the past week, increasing by more than 33% since July 4. According to blockchain intelligence firm Santiment, this might only be the beginning for SOL’s price, with several indications of further upside potential.
What’s Behind Solana’s Recent Price Climb? Santiment’s report attributes Solana’s price increase to crowd doubt, a phenomenon where asset prices tend to move in the opposite direction of investor sentiment. Currently, investor sentiment towards Solana remains negative, which Santiment believes could drive the token’s price even higher.
Solana Price To $200? A return to $200 would be a significant move for Solana, requiring at least a 20% increase from its current price point. As of now, Solana is facing resistance around the $170 mark but has shown resilience by rising nearly 4% in the last 24 hours. According to CoinGecko data, the altcoin has increased in value by 20% over the past week.
Explanation
- Recent Growth: Solana’s price increase of over 33% since July 4 is driven by crowd doubt, with investors’ negative sentiment paradoxically fueling the climb.
- Potential for $200: If current trends continue, experts believe Solana could reach $200, despite facing resistance around $
$170.
Santiment suggests that as long as fear, uncertainty, and doubt （FUD） dominate market sentiment, Solana’s price may continue to rise. This is based on the observation that prices often increase when there is disbelief among investors.
Technical Indicators: Crypto analyst Ali Martinez spotted a “W” pattern, similar to a double bottom, highlighting a price target of $175. This scenario also points to the possibility of a $200 price target if Solana continues its upward trajectory. However, this optimistic view could be negated if Solana’s price falls below its moving averages, potentially leading to a return to its earlier consolidation range.
Explanation
- Crowd Doubt Impact: Investor skepticism has historically led to price increases, a trend currently benefiting Solana.
- Technical Patterns: Patterns like the “W” formation support the possibility of continued price rises, potentially reaching $200.
- Resistance Levels: Overcoming resistance at $170 is crucial for Solana’s potential surge to $200.