Optimism in the crypto market seems to be returning. Bitcoin (BTC) has surged and is now trading close to its previous all-time high (ATH). This positivity also radiates to altcoins like Solana (SOL), which recently broke the important barrier of $180.
An important breakthrough
Analysts see these developments as a sign of a sustainable bullish trend. Well-known crypto analyst Rekt Capital even states that SOL has reached a crucial point. He points out that the digital currency has been resisting a downward trend line for months, which started since the local peaks in March and August 2024.
Rekt Capital notes that the recent weekly close above $175 marks a break through both the descending trendline and a key resistance level. This suggests that momentum is in the bulls’ favor, with a potential uptrend in sight if this resistance can now act as support.
Development activity and market sentiment
In addition to the technical breakthrough, Solana’s development activity plays an important role in the recent price increase. Data from blockchain analytics platform Santiment shows an increase in developer activity, paralleling SOL’s price increase.
In addition, data from October 24 shows that sentiment around Solana has improved significantly since October 18. Solana’s upward movement is accompanied by a growth in positive social media posts and an increase in “mindshare” – Solana’s share of social media conversations. These are generally signs that investor optimism has increased and support the recent momentum.
Conclusion
The combination of a technical breakthrough, increased development activity and positive market sentiment paints an optimistic picture for Solana. This increases the likelihood of further price increases as long as the bullish signals remain intact.
Source: https://newsbit.nl/optimisme-keert-terug-in-de-cryptomarkt-solana-breekt-belangrijke-grens/
