- Bearish sentiment around SOL has been dominant lately
- Metrics seemed to support the possibility of an incoming rally though
The crypto-market’s present condition has restricted several cryptos from showcasing high volatility in their price action over the last few days. Solana [SOL] was not an exception, as its price consolidated on the trading charts. However, the situation for SOL might change soon next week as there are signs it might turn a bullish leaf. .
Solana investors are losing confidence
According to CoinMarketCap, SOL’s price has moved somewhat sideways since 5 April, as its value only moved marginally in the last 24 hours. At the time of writing, SOL was trading at $177.34 with a market capitalization of over $78 billion, making it the 5th largest crypto. The sluggish price action had a negative impact on its social metrics too.
In fact, AMBCrypto’s analysis of Santiment’s data revealed that SOL’s weighted sentiment was in the negative zone. This meant that bearish sentiment had an upper hand in the market.
Here, it’s worth noting AMBCrypto recently reported that more than 75% of all non-vote transactions on the chain failed – The highest ever recorded failure for Solana. Despite these setbacks, however, the coming week might look different for SOL as the token’s price has been moving inside a bull pattern.
Solana to turn bullish next week?
Crypto Tony, a popular crypto-analyst, recently posted a
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Author: Dipayan Mitra
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