Santiment, the blockchain intelligence platform, predicted in an X post published earlier today that sentiment around Solana (SOL) is transitioning from bearish to bullish. According to the post, nearly 2% of all discussions relating to the top 100 cryptocurrency assets are related to SOL.

📈 #Solana, which has now returned to the #7 spot on market cap rankings, has now seen its value rise +62% in a great month of October. Notably, nearly 2% of all discussions related to top 100 assets are related to $SOL, & rising volume would be #bullish.

— Santiment (@santimentfeed) October 31, 2023

Santiment attributed the growth in SOL’s social activity to its meteoric 60+% price rise during the past month, which saw climb to the number 7 spot on the list of the biggest cryptocurrencies in terms of market cap. This substantial increase in price coincided with the uptick in SOL’s social volume, which reached its highest level in 5 months.

SOL was still ranked as the seventh largest cryptocurrency at press time, with its market cap of $16.141 billion. Furthermore, it continued its impressive monthly streak with a fresh 7.68% gain over the past 24 hours, according to CoinMarketCap. Subsequently, the altcoin was trading hands at $38.43.

Daily chart for SOL/USDT (Source: TradingView)

From a technical standpoint, SOL was attempting to overcome the resistance level at $39.35 at press time. It was already rejected by this barrier earlier in today’s trading session to trade at its current level.

Nevertheless, if SOL is able to close today’s daily candle above this significant price point then it may lead to it rising further. In this bullish scenario, SOL may have the foundation needed to rise to the subsequent resistance level at $48.80 in the following week.

Conversely, if SOL is unable to close today’s candle above $39.35, then it may be at risk of correcting to the next key support level at $33.90. Thereafter, if the potential sell volume persists at this point, then SOL could drop below $33.90 to as low as $28.60 in the short term.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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