Solana (SOL) shares have shown significant gains over the past 24 hours, up 7.5% on rising sentiment, according to data from analytics resource Santiment.
SOL is the fifth largest stock by market capitalization, and the company’s price performance is particularly sensitive to crowd sentiment.
Recent positive sentiment could fuel further gains if market optimism continues. Santiment’s chart offers a comparative analysis of SOL’s price vs. Bitcoin (BTC) and highlights sentiment-driven price action.
Ratio of positive and negative sentiments
The sentiment relationship is visualized by the blue shaded area on the Santiment chart. Significant spikes in sentiment correlate with SOL price moves, especially within the identified Crowd Greed and Crowd Fear zones.
The crowd greed zone, marked in red, where SOL typically falls after sharp sentiment spikes, was observed around July 28, and Solana Price dropped sharply thereafter. The green zone of crowd fear, where SOL typically rises after entry, was marked on July 21 and August 4.
For example, the entry into the fear zone around July 21 was consistent with the subsequent price rally, reflecting the influence of sentiment on SOL’s performance. The rebound from the July fear levels confirms strong support for Solana and indicates potential for continued bullish momentum.
The SOL/BTC price ratio shows the performance of SOL against BTC, highlighting key events where sentiment influenced price action. SOL is up 15% against BTC since markets bottomed two days ago, indicating a strong recovery.
Technical end
Technical analysis This is confirmed by the fact that the SOL price has recently returned to the middle Bollinger band, reflecting increased buying pressure.
The RSI at 46.43 is showing a recovery from oversold conditions, further supporting the bullish sentiment. Notably, the MACD and signal lines are showing signs of a potential bullish crossover, suggesting further price gains.
According to the previous analysis According to The Crypto Basic, Solana recently demonstrated bullish dominance at trendline support despite the market crash, bouncing off $110 and back to $150. This marked a 40% recovery.
Solana shares are currently trading at $153, forming the second bullish candle in a V-shaped recovery, looking to retest the broken upper trendline.
