Solana has eventually selected a side in the bulls and bear battle that prevailed since August end. The alternative token showcased a massive bullish action over the past three days after securing support around the $31 value area.
SOL had struggled to secure a directional foothold, especially over September’s early days. That came after the token ended August’s second half with bearish tendencies. Solana’s lateral price movements during the initial week of September confirm the hesitation that dominated the marketplace.
The uncertainty triggered a negative effect on investors’ sentiment. Solana’s weighted sentiment index shows a swift decline in investors’ sentiment during September’s first week. The sentiment shift is yet to reflect in price movements following the sudden upsurge recorded over the past few days.
$SOL Outlook
Solana has recorded a 13% surge from its latest support mark to explore the $34.80 value zone during this publication. Though this might not be a massive surge, it shows recoveries following declines below the support range.
Solana’s MFI (Money Flow Index) shows market players have re-accumulated at lower price zones, backing the present revival. The altcoin faces some friction around the 50% RSI (Relative Strength Index).
That could attract further retracement following an absence of enough bullish strength. Fortunately, a massive volume surge since early September backed the current rally – though not the most trading volume over the past four weeks.
Also read:Also, the rise in NFT (non-fungible token) trades volume from early September supported organic volume and demand. The derivatives market reveals similar optimistic shifts. Meantime, Binance and FTX funding rates witnessed some enhancements this month. And that could have backed the prevailing upside.
SOL’s State
It could appear abnormal that Solana’s weighted sensation hasn’t improved regardless of positive actions in other metrics. That’s why we can’t classify the present rally as robust. Meanwhile, the low sentiment could mean investors expect a near-term upside.
There’s a chance for sentiment shifts upon promising events that could catalyze more confidence within the market. Nevertheless, Solana fans should watch the broad market for profitable decisions.
What are your thoughts about Solana’s present trajectory? Feel free to leave a reply below.
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