- Solana’s sentiment ratio surged to 32.87, outpacing BTC and ETH.
- Price remained range-bound near $132, with resistance at $140.
Solana [SOL] has become the center of attention in the crypto market, riding a fresh wave of optimism fueled by institutional interest.
With BlackRock launching yield-bearing tokenized treasury funds on the network and GameStop integrating Bitcoin through Solana’s [SOL] infrastructure, sentiment around SOL has surged to unprecedented levels.
But will this social momentum translate into a price breakout?
Sentiment soars as institutions embrace Solana
Data from Santiment reveals a sharp spike in Solana’s Positive/Negative Sentiment Ratio, climbing to 32.87 – far outpacing sentiment levels around Bitcoin [BTC], Ethereum [ETH], and Ripple[XRP].
This sharp divergence underscores a unique bullish tilt for SOL on social platforms, suggesting growing investor confidence.
Source: Santiment
The spike coincides with BlackRock’s strategic use of Solana’s infrastructure and GameStop’s broader crypto pivot, both of which have been heavily amplified by influencers and community support.
This fusion of technological utility and mainstream integration has created the perfect storm for a sentiment-driven rally.
Price action faces resistance despite social optimism
Despite the sentiment frenzy, Solana’s price action is flashing caution. At the time of writing, SOL was trading at $132.49, registering a 4.27% intraday dip.
The 50-day Moving Average (MA) at $133.74 has acted as a key resistance level, while the 200-day MA at $183.04 loomed far above, highlighting how much ground SOL needs to reclaim for a true trend reversal.
Source: TradingView
At press time, the Bollinger Bands were tightening, reflecting contracting volatility.
Meanwhile, the Average True Range (ATR) sat at 6.18, suggesting that SOL remains in a low-volatility regime – a potential prelude to an explosive move in either direction.
Is the market underestimating Solana?
SOL’s price pattern indicates consolidation rather than a breakout despite the overly bullish sentiment among traders. This disparity suggests a potential disconnect between emotional optimism and technical resistance levels.
Historically, such euphoria can be risky, especially when unsupported by volume and price action.
However, Solana’s robust developer ecosystem and real-world applications in tokenized finance, like BlackRock’s recent initiative, offer solid fundamentals.
If SOL surpasses the $140 mark and turns its short-term resistance into support, a rapid upward movement could follow, fueled by persistent social sentiment.