{"id":630749,"date":"2024-07-20T22:30:10","date_gmt":"2024-07-20T22:30:10","guid":{"rendered":"https:\/\/wncen.com\/?p=630749"},"modified":"2024-07-20T12:31:03","modified_gmt":"2024-07-20T12:31:03","slug":"is-200-within-reach-for-solana-price-heres-why","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/solana\/is-200-within-reach-for-solana-price-heres-why\/","title":{"rendered":"Is $200 Within Reach For Solana Price? Here\u2019s Why This Blockchain Firm Thinks So"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Like the general crypto market, the <a href=\"https:\/\/wncen.com\/news\/solana\/solana-price-1400-massive-bull-flag\/\" target=\"_blank\" rel=\"noopener \">price of Solana<\/a> (SOL) witnessed significant growth over the past week. According to the latest on-chain data, this might only be the beginning for SOL\u2019s price, with several indications of further upside potential for the altcoin.<\/span><\/p>\n<h2><strong>What\u2019s Behind Solana\u2019s Recent Price Climb?<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">In a new report, blockchain intelligence firm Santiment <a href=\"https:\/\/x.com\/santimentfeed\/status\/44248333\" target=\"_blank\" rel=\"noopener nofollow\">offered<\/a> insight into the recent price of Solana. According to the analytics platform, the price of SOL has swung upward by more than 33% since the 4th of July, rewarding investors who continued to bet big on it despite the sluggish market conditions.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/cardano\/cardano-holders-suffering-losses\/\" target=\"_blank\" rel=\"noopener \">Crypto Market Rebounds From Lows, But Why Are Cardano Holders Suffering Losses?<\/a><\/div>\n<p><span style=\"font-weight: 400\"><a href=\"https:\/\/wncen.com\/news\/time-to-buy-the-dip-these-are-the-large-cap-crypto-assets-to-watch\/\" target=\"_blank\" rel=\"noopener \">Santiment<\/a> mentioned that this positive run of form displayed by the altcoin over the past two weeks can be linked to investor sentiment. The blockchain firm noted that the price climb was triggered and sustained by crowd doubt.<\/span><\/p>\n<figure style=\"width: 1199px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/pbs.twimg.com\/media\/GS41e4DasAAxJ4j?format=jpg&amp;name=medium\" alt=\"Solana price\" width=\"1199\" height=\"802\"><figcaption class=\"wp-caption-text\">A chart showing the Solana price, weighted sentiment, and development activity | Source: <a href=\"https:\/\/x.com\/santimentfeed\/status\/44248333\" target=\"_blank\" rel=\"noopener nofollow\">Santiment\/X<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Typically, the cryptocurrency market and asset prices tend to move in the opposite direction of the crowd. Hence, when there is euphoria and excitement amongst investors, assets tend to fall in value. Meanwhile, asset prices are likely to increase when there is crowd disbelief or FUD (fear, uncertainty, and doubt).<\/span><\/p>\n<p><span style=\"font-weight: 400\">Despite the sustained increase in Solana\u2019s value, there is yet to be a <a href=\"https:\/\/wncen.com\/news\/bitcoin-back-above-63000-will-fomo-fuel-another-rally-or-lead-to-a-bust\/\" target=\"_blank\" rel=\"noopener \">shift in investor sentiment<\/a> \u2014 which is currently negative. This on-chain observation is based on Santiment\u2019s weighted sentiment metric, which measures the overall positive and negative sentiment toward a cryptocurrency.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Furthermore, with the continued negative sentiment towards Solana, Santiment believes that the token\u2019s price could experience a further rise this weekend. \u201cUntil FOMO replaces the FUD, $200 SOL is very much reachable soon,\u201d the on-chain analytics platform revealed.<\/span><\/p>\n<h2><strong>Solana Price To $200?<\/strong><\/h2>\n<p><span style=\"font-weight: 400\"><a href=\"https:\/\/wncen.com\/analysis\/solana-price-sol-upside-165\/\" target=\"_blank\" rel=\"noopener \">A return to $200<\/a> would be a highly exciting move for the Solana price, having faced rejection around the zone back in mid-March and early April. However, it is a feat that would take at least a 20% increase from the current price point.<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">\ud83d\udcc8 The Solana faithful have been rewarded for their patience as prices have broken out +33% since the 4th of July. The climb is being fueled by crowd doubt toward SOL. Until FOMO replaces the FUD, $200 SOL is very much reachable soon. <a href=\"https:\/\/t.co\/hLpf8qZVqb\" rel=\"nofollow\">pic.twitter.com\/hLpf8qZVqb<\/a><\/p>\n<p>\u2014 Santiment (@santimentfeed) <a href=\"https:\/\/twitter.com\/santimentfeed\/status\/44248333?ref_src=twsrc%5Etfw\" rel=\"nofollow\">July 19, 2024<\/a><\/p><\/blockquote>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/shiba-inu\/shiba-inu-price-drops-10-as-5-trillion-shib-flood-to-exchanges-following-wazirxs-exploit\/\" target=\"_blank\" rel=\"noopener \">Shiba Inu Price Drops 10% As 5 Trillion SHIB Flood To Exchanges Following WazirX\u2019s Exploit<\/a><\/div>\n<p><span style=\"font-weight: 400\">As of this writing, the price of Solana appears to be currently facing resistance around the $170 mark, although it is up by nearly 4% in the last 24 hours. According to CoinGecko data, the altcoin has increased in value by 20% over the past week.<\/span><\/p>\n<figure style=\"width: 1832px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/6xdaeBL6\/\" alt=\"Solana price\" width=\"1832\" height=\"1314\"><figcaption class=\"wp-caption-text\">The Solana price faces significant resistance around the $170 mark on the daily timeframe | Source: SOLUSDT chart on <a href=\"https:\/\/www.tradingview.com\/x\/PDDj2XnQ\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\"><em>Featured image from Dreamstime\/Aivaras Sakurovas, chart from TradingView<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Like the general crypto market, the price of Solana (SOL) witnessed significant growth over the past week. According to the latest on-chain data, this might only be the beginning for SOL\u2019s price, with several indications of further upside potential for the altcoin. What\u2019s Behind Solana\u2019s Recent Price Climb? In a new report, blockchain intelligence firm Santiment offered insight into the recent price of Solana. According to the analytics platform, the price of SOL has swung upward by more than 33% since the 4th of July, rewarding investors who continued to bet big on it despite the sluggish market conditions. Related Reading: Crypto Market Rebounds From Lows, But Why Are Cardano Holders Suffering Losses? Santiment mentioned that this positive run of form displayed by the altcoin over the past two weeks can be linked to investor sentiment. The blockchain firm noted that the price climb was triggered and sustained by crowd doubt. Typically, the cryptocurrency market and asset prices tend to move in the opposite direction of the crowd. Hence, when there is euphoria and excitement amongst investors, assets tend to fall in value. Meanwhile, asset prices are likely to increase when there is crowd disbelief or FUD (fear, uncertainty, and doubt). Despite the sustained increase in Solana\u2019s value, there is yet to be a shift in investor sentiment \u2014 which is currently negative. This on-chain observation is based on Santiment\u2019s weighted sentiment metric, which measures the overall positive and negative sentiment toward a cryptocurrency. Furthermore, with the continued negative sentiment towards Solana, Santiment believes that the token\u2019s price could experience a further rise this weekend. \u201cUntil FOMO replaces the FUD, $200 SOL is very much reachable soon,\u201d the on-chain analytics platform revealed. Solana Price To $200? A return to $200 would be a highly exciting move for the Solana price, having faced rejection around the zone back in mid-March and early April. However, it is a feat that would take at least a 20% increase from the current price point. \ud83d\udcc8 The Solana faithful have been rewarded for their patience as prices have broken out +33% since the 4th of July. The climb is being fueled by crowd doubt toward SOL. Until FOMO replaces the FUD, $200 SOL is very much reachable soon. pic.twitter.com\/hLpf8qZVqb \u2014 Santiment (@santimentfeed) July 19, 2024 Related Reading: Shiba Inu Price Drops 10% As 5 Trillion SHIB Flood To Exchanges Following WazirX\u2019s Exploit As of this writing, the price of Solana appears to be currently facing resistance around the $170 mark, although it is up by nearly 4% in the last 24 hours. According to CoinGecko data, the altcoin has increased in value by 20% over the past week. Featured image from Dreamstime\/Aivaras Sakurovas, chart from TradingView<\/p>\n","protected":false},"author":590,"featured_media":558021,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[57231,86420,83626,85361,83627],"class_list":["post-630749","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-santiment","tag-sol-price","tag-solana","tag-solana-price","tag-solusdt"],"acf":[],"yoast_head":"\n<title>Solana Price To $200? This Blockchain Firm Thinks So<\/title>\n<meta name=\"description\" content=\"Like the general crypto market, the Solana price witnessed significant growth over the past week. 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