Solana Nears $150: Market Sentiment Leans Bullish With Caution

Solana, the cryptocurrency favorite recently, is once again on the verge of achieving a key marker. According to Santiment, an on-chain analytic platform that provides insights into crypto market sentiment, SOL is getting closer to breaking through the $150 level, which it has not been able to attain since January 16th, 2022. This suggests a potential comeback of Solana’s interest in the cryptocurrency market.

Crowd sentiment analysis indicates that investors are generally bullish on Solana since it is now the 5th largest cryptocurrency by market capitalization. However, this bull sentiment is not strong enough to lead to fear of missing out (FOMO), where prices may sharply and unsustainably rise in a short period of time.

Historical data interestingly indicates that doubt or uncertainty regarding an asset often acts as a catalyst for pushing prices higher. Initially, this might not make sense but it reflects the dynamic market psychology because sometimes skepticism can drive up demand and investment leading to an increase in price.

Delving into decentralized finance (DeFi), analyst Lark Davis explains how Solana has been increasingly active. In fact, SOL’s price surge has been accompanied by the Total Value Locked (TVL) of its network which currently stands at an impressive $2.6 billion, a record high since May 2022 when last seen.

Solana (SOL) Price Analysis & Prediction

On taking a closer look at the price trajectory of SOL, one can see the recent movements that show a gradual rise. In 24 hours SOL cryptocurrency has appreciated by $20.55 and currently is being traded at $149.03 against the US dollar with 24-hour trading volume exceeding $5.2 billion. Remarkably, SOL has gone up by a total of 4.16% within this period indicating its ability to withstand market fluctuations.

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Over the past week, SOL maintained a strong upward trend and this resulted in an impressive surge of 12.59% in value. As Changelly opines, these are promising signals that might mean now is probably the best time to start paying attention to Solana for some potential investors.

Changelly currently has a bullish outlook for Solana. Technical indicators show that 79% of traders are optimistic about the future. Additionally, the market is extremely greedy, with a fear and greed index score of 82. According to the newest prediction, Solana’s price will rise by 13.08% to reach $163.64 by 10th March 2024.

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