The cryptocurrency market has been quiet for most of the past week, with many major assets including Bitcoin (BTC) and Ethereum (ETH) struggling to make any sign. Solana was also among the top cryptocurrencies that failed to impress over the past seven days.
However, the crypto market received a jolt on Friday, October 11, with the price of Bitcoin returning to $ 62,000 while Solana returned to more than $ 140. The famous blockchain company explained the originator of this recent price increase of the token of -SOL.
Solana Sees Notable Spike in Crowd Sentiment
In a recent post on X, Santiment revealed a bullish pattern behind Solana’s recent price increase, explaining how it caused a significant increase in positive investor sentiment. According to the blockchain firm, the altcoin experienced an increase in price due to the loose rumors of Apple’s structure in the Solana network.
On Friday, October 11, some users on the X site posted a graphic video of Apple with the caption “Buy Solana before Apple announces.” As a result, several crypto investors have been wondering if there is a possible relationship between the IT giant and one of the most widely used crypto blockchains.
Apple’s adoption of blockchain will represent an important connection between centralized technology and centralized technology. Although there is no firm relationship or hint of a possible partnership between Apple and Solana, the mere idea of ​​a partnership has caused a wave of intensity among SOL investors.
According to data from Sentiment, Solana saw five out of every one comments on social media on Friday. This is the highest level of bullish sentiment the altcoin has seen in nearly three weeks. Comparatively, the investor crowd remained neutral about the two major cryptocurrencies; Bitcoin and Ethereum.
Source: Santiment/X
This injection of new positivity sparked a massive rally for the fifth largest cryptocurrency, pushing the price of SOL above the $140 level. While this ongoing rumor mill has proven to be enough to lower Solana’s price in the short term, investors may want to be cautious. This is especially true considering that the market tends to move in the opposite direction of the crowd.
Solana Price At A Glance
As of this writing, Solana’s price stands at around $145, representing an increase of almost 4% in the last 24 hours. This recent burst of positivity has hardly made a significant impact on the altcoin’s weekly performance.
According to data from CoinGecko, the price of SOL has increased by about 1% in the last seven days. Nevertheless, the cryptocurrency maintains its position as the fifth largest asset in the sector, with a market capitalization of more than $68.2 billion.
The price of SOL on the daily timeframe | Source: SOLUSDT chart on TradingView
Featured image from Dreamstime/Aivaras Sakurovas, chart from TradingView
Source link