• SOL was up by more than 5% in the last 24 hours. 
• Most market indicators remained bullish on the token. 

Solana [SOL] has fared well against the current bearish market, as its price rose by more than 5% in the last 24 hours, according to CoinMarketCap. Though this was a bullish sign, the token might witness a downfall, and here’s why.

Solana is pumping!

The ETF approval did hurt most cryptos’ prices, as their price charts turned red. However, Solana acted differently as it began a bull run.

At the time of writing, SOL was trading at $96.88 with a market capitalization of more than $41.8 billion, making it the fifth-largest crypto.

Since the crypto’s price increased, AMBCrypto planned to check its social metrics. Despite the price rise, SOL’s Social Dominance dropped last week, meaning that its popularity sank.

Its Weighted Sentiment also remained low, which meant that bearish sentiment around the token was dominant in the market.

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Author: Dipayan Mitra

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