At press time, Solana [SOL] is experiencing strong bullish sentiment from both the crowd and smart money, with crowd sentiment at 0.51 and smart money sentiment rising significantly to 3.94 according to Market Prophit.
This dual optimism indicates growing confidence in SOL’s upside potential.
At press time, SOL is trading at $218.01, reflecting a 4.93% gain over the past 24 hours. But with all eyes on its recent price surge, the question arises: can this momentum continue?
SOL's technological outlook demonstrates strength
From a technical perspective, SOL’s indicators paint a bullish picture. The Bollinger Bands show that SOL is trading close to the upper limit of $227.06, suggesting a strong upward move.
This positioning near the upper limit suggests that volatility will continue for a while and suggests that further gains are possible if the momentum maintains.
Moreover, the MACD (Moving Average Convergence Divergence) was at 3.44 at press time, with its histogram and signal line indicating a bullish crossover.
The development highlights the strengthening of positive momentum and is in line with the overall bullish sentiment.
If SOL holds its position near the top of the Bollinger Bands, it could trigger a new wave of buying interest that could push the price higher further.
Is interest cooling or entering a consolidation phase?
Despite the momentum, SOL’s social volume dropped significantly, from 1,289 the day before to 527.
The drop in social engagement could signal a cooling of interest, which could indicate that some retail traders are taking a break from trading to focus on SOL’s next move.
However, the decline in social volume does not necessarily offset the strong technical setup and bullish sentiment indicators.
If SOL continues to rise, social volume could rebound quickly, bringing new community interest and engagement.
Cautious optimism
Solana’s long/short ratio is 1.0222, with 50.55% long and 49.45% short.
This slightly bullish trend suggests that more traders are betting on rising prices, but the balance is strong enough to reflect cautious optimism.
Therefore, while traders expect the price of SOL to rise, they are also prepared for the resistance it may encounter.
SOL is expected to rise further
Solana is enjoying bullish sentiment from both the general public and smart investors, which coupled with its strong technical indicators, puts it in a great position to continue to rise.
Despite the decline in social volume, Solana’s price momentum and balanced long-short ratio suggest further upside potential.
