The post Solana reclaims $180: Can high social volume push SOL to $200? appeared on BitcoinEthereumNews.com.

Solana reclaims $180 after strong 11% bounce from $162 support. Social volume hits 6-month high as positive funding rates suggest sustained bullish momentum. Solana [SOL] has shown remarkable resilience after successfully defending the critical support zone at $162. The latest charts indicate an 11% surge since the altcoin retested the key support level at $66.5. SOL was trading at $180.45 at press time. Solana’s recent bounce occurred at a key demand zone, suggesting strong buyer presence at lower levels.  Source: Tradingview Solana social interest reaches fever pitch According to santiment data, Solana’s social volume has reached levels not seen in the past six months. The altcoin social volume data indicates a dramatic spike in discussions and mentions across social platforms, particularly since early October. This surge in social interest often precedes significant price movements, as witnessed during SOL’s previous rallies. Source: Santiment Funding rates signal bullish momentum AMBCrypto further analysis on the Binance funding rate data reveals a significant positive trend, with minimal negative readings since July 2024. This sustained positive funding rate environment indicates that market participants are willing to pay a premium to maintain long positions, reflecting strong bullish sentiment in the futures market. Source: Santiment Adding to the aforementioned positive funding rates, the Solana has recorded a spike in its long-short ratio. Long positions account for about 52% of all the positions. The long positions are overwhelming the shorts, a key bullish sentiment for the anticipated price rally. Source: Coinglass Solana technical setup points higher The technical structure presents a clear breakout from a multi-month consolidation phase. With the price now testing the $180-$190 resistance zone, SOL appears positioned for a potential move toward the psychological $200 level. The formation of higher lows since July further reinforces this bullish outlook. Given the confluence of positive social sentiment,…

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Filed under: News - @ October 30, 2024 12:18 am