Solana (SOL) has seen a notable surge in the past 24 hours, climbing +7.5% amid increased sentiment, according to market intelligence resource Santiment.

Ranked as the fifth largest asset by market cap, SOL’s price performance is particularly influenced by crowd sentiment.

The recent positive sentiment could propel further gains if market optimism persists. The Santiment chart offers a comparative analysis of SOL’s price against Bitcoin (BTC) and highlights sentiment-driven price action.

Positive vs. Negative Sentiment Ratio

The sentiment ratio is visualized by the blue shaded area on the Santiment chart. Significant spikes in sentiment correlate with SOL’s price movements, particularly within the identified Crowd Greed and Crowd Fear zones.

The red-marked Crowd Greed Zone, where SOL usually drops after high sentiment spikes, was observed around July 28, and Solana price plummeted after. The green-marked Crowd Fear Zone, where SOL generally rises after entering, was noted on July 21 and August 4.

For instance, entering the fear zone around July 21 corresponded with a subsequent price rise, reflecting the impact of sentiment on SOL’s performance. The rebound from July-like fear levels confirms strong support for Solana and indicates potential for continued bullish momentum.

The SOL/BTC price ratio showcases SOL’s performance against BTC, highlighting key events where sentiment influenced price action. SOL has gained +15% against BTC since the markets bottomed two days prior, indicating a strong recovery.

The Technical End

Technical analysis supports this narrative, with the price of SOL recently bouncing back towards the middle Bollinger band, reflecting increased buying pressure.

The RSI at 46.43 indicates recovery from oversold conditions, further supporting the bullish sentiment. Notably, the MACD and signal lines show signs of a potential bullish crossover, suggesting continued price increases.

According to previous analysis by The Crypto Basic, Solana recently showed bullish dominance at the support trendline despite the market crash, rebounding from $110 to reclaim the $150 level. This marked a 40% recovery.

Currently trading at $153, Solana forms a second bullish candle in a V-shaped recovery, aiming to rechallenge the overhead broken trendline.