Despite Market Uncertainty, Solana (SOL) Social Media Sentiment Reaches Historic Positive Levels

Despite ongoing market uncertainty, SOL, the native token of the Solana blockchain, is garnering significant attention from crypto enthusiasts on social media.

Despite market uncertainty, Solana’s native token, SOL, is garnering significant attention from crypto enthusiasts on social media.

Today, March 27, blockchain-based analytics firm Santiment revealed that Solana sentiment has surged to a historic positive level in the crypto space.

According to the firm’s latest analysis, there are over 18 positive SOL comments for every 1 negative comment across social media.

This statistic showcases the astonishing level of bullish sentiment that has descended upon the Solana community.

The post further revealed that there are over 18 positive SOL comments for every 1 negative comment across social media, indicating an astonishing level of bullish sentiment. This surge in positivity may attract more investors.

However, this extreme level of positive sentiment is rarely seen in any market and it usually leads to exhaustion.

Moreover, institutional interest is also surging as GameStop is integrating Bitcoin and BlackRock is launching a yield-bearing tokenized treasury fund on Solana, the world’s fifth-largest cryptocurrency by market cap.

Following this development, many posts on social media reflect optimism for market recovery, with a bullish outlook on the broader cryptocurrency market.

The combination of technological advantages, institutional interest, community support, and influencer engagement are contributing to a nearly unheard of positive vs. negative commentary ratio of 18:1 right now.

Current Price Momentum

At press time, SOL is trading at $139, having registered a 0.75% price drop in the past 24 hours.

Nevertheless, during the same period, the asset’s trading volume jumped by 5%, indicating increased trader and investor participation following these developments.

Solana (SOL) Price Analysis and Upcoming Levels

According to expert technical analysis, SOL is in an uptrend, moving within an ascending channel pattern. Currently, the price is at the lower level of this pattern, suggesting a potential recovery.

As the asset is testing the lower boundary of the channel, there is a high probability of a bounce back up.

Moreover, if the asset holds above the $132 level, there is a strong possibility it could surge by 10% to reach $151 in the coming days.

However, if bearish sentiment prevails and the asset drops below $130, it could continue to decline by 10% to reach $119.

Meanwhile, if bullish sentiment continues and the price holds above $150, SOL could further rally by 25% to reach $186 in the coming days.