- Santiment reported a 35% increase in Solana’s (SOL) price over the last three weeks.
- SOL’s current price surge is a development that the crypto industry cannot ignore.
- Santiment identifies Solana’s social volume increase to be behind the current price rally
Santiment, the market intelligence platform, reported a 35% increase in Solana’s (SOL) price over the last three weeks. In a tweet, Santiment observed that while SOL may not have enjoyed the kind of rally it achieved in 2021, it has made a decent return recently.
#Solana may not be showing the $250+ price levels with industry-leading development activity like #crypto traders enjoyed in 2021. But even with reduced interest levels, $SOL has been on a +35% heater over the past 3 weeks. Check out our quick report. https://t.co/t3oz6LDGqc pic.twitter.com/11ElFiYqCw— Santiment (@santimentfeed) July 6, 2023
Santiment’s recent report described SOL’s current price surge as a development that the crypto industry can not ignore. SOL bounced off a local low of $14.07 three weeks ago to initiate the current price rally. Since then, the price overcame significant resistance at $17.3 and $18.9 price levels to continue on an uptrend.
Santiment identified the increase in Solana’s social volume as one factor behind SOL’s current price rally. According to the market intelligence platform, a recent increase in Solana’s social volume on Reddit coincided with a surge in SOL’s price.
Apart from the social volume, most other metrics did not support the price rally. For example, Santiment reported that Solana’s NFT trades are insufficient to spark a price increase. Also, SOL’s trading volume does not show any signs of increase.
Solana’s price behavior may appear impressive at the moment in terms of ratio. However, comparing it to its 2021 price rally could be asking for too much. Earlier, Solana rallied by over 600% within four months to produce one of the most significant price rallies by a top altcoin. It marked one of the notable events of the 2021 bull run and brought the project into the limelight.
With that rally, Solana recorded an all-time high (ATH) of $260, according to data from TradingView. That remains its highest price level to date, a recovery of which would signify an impressive return for the 9th-ranked cryptocurrency by market capitalization.
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