Solana
Can SOL Price Reach $200 in June 2024?
Solana price retests $170 territory on Thursday, May 28, up 7% over the past 3 days, with investor sentiment improving, SOL could be on the verge of a major rebound.
Investor sentiment around Solana turns positive
Solana’s price has declined significantly over the past week as crypto investors have redirected billions of capital into Ethereum markets following the one-time approval of the ETH ETF.
Following the SEC’s green light on ETH ETFs, Solana price entered a 5-day losing streak, losing 14.67% between May 21 and May 26 close.
However, this week, on-chain data shows that investor sentiment towards Solana has improved significantly. Since May 26, SOL price rebounded 7% before rejecting the $170 resistance on May 30.
Santiment’s weighted sentiment chart below monitors the daily difference between the number of positive and negative comments a project attracts on relevant crypto-based social media channels, including Reddit, Twitter, Telegram, and more.
As seen above, Solana’s weighted sentiment rose to positive values of 0.98 at the time of writing on May 30, just days after falling as low as -0.52.
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This implies that Solana currently attracts more optimistic and positive online comments than negative ones. This phenomenon often occurs when market price dynamics approach a local bottom.
As Solana investors boost their optimism with a buying spree, SOL price is likely to rise further in the days to come.
Solana Price Prediction: Rebound to $200 Imminent?
Building on the aforementioned on-chain information, Solana price appears poised to enter a major rebound phase. Confirming this position, Solana’s 7.76% rebound over the past 48 hours puts it on the verge of hitting the 20-day SMA price of $168.74.
If SOL bulls manage to decisively breach the $170 zone, it could catalyze a larger rally towards the $200 zone.
But in case of a prolonged correction phase, Solana price could fall as low as $141 before reaching the next major support cluster.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
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