Solana (SOL) is attempting to reclaim a key support level amid the recent market recovery, with bullish sentiment seemingly returning to the Altcoin. Some analysts suggested that its momentum could propel the cryptocurrency to the next crucial resistance.<\/p>\n
Over the past few days, Solana has seen a bullish recovery from last week\u2019s lows, surging 14% from the $121 support. The market\u2019s recovery has propelled the token above the $145 barrier earlier this week, after printing five consecutive green daily candles.<\/p>\n
Amid this week\u2019s surge, on-chain analytics platform Santiment highlighted<\/a> that Solana\u2019s social sentiment has seen a massive surge to historic highs fueled by institutional interest, technological advantages, community support, and influencer engagement.<\/p>\n \u201cWith news of institutions like GameStop and BlackRock are integrating Bitcoin and launching yield-bearing tokenized treasury funds on Solana, crypto\u2019s #5 market cap asset is seeing an astounding level of bullish sentiment pouring in on social media,\u201d explained Santiment\u2019s Director of Marketing, Brian Quinlivan.<\/p>\n Per the post, social media posts reflect optimism for SOL\u2019s price recovery and a bullish<\/a> outlook on the broader crypto market. Notably, Solana registers a \u201cnearly unheard of positive vs. negative commentary ratio of 18:1 right now.\u201d<\/p>\n Just a month ago, the SOL\u2019s sentiment hit its lowest<\/a> level in a year. According to analyst Miles Deutscher, the sentiment has not been at those levels since Solana reclaimed the $100 barrier in early 2024.<\/p>\n It\u2019s worth noting that market sentiment significantly shifted following the collapse of the memecoin frenzy, which fueled SOL\u2019s rally throughout last year. After the TRUMP and MELANIA memecoin launches and the LIBRA token controversy, several community members expressed increasing fatigue from the numerous scams.<\/p>\n Subsequently, the cryptocurrency\u2019s price dropped over 50% from its January all-time high (ATH), losing the $200 support zone and hitting a yearly low of $111 earlier this month.<\/p>\n Various market watchers noted Solana\u2019s recent performance, underscoring the reclaim of the $136 level on Monday. This level has been a significant resistance<\/a> for the past two weeks and has also served as a key breakout level during the Q1 and Q4 2024 breakouts.<\/p>\n Analyst Jelle considers<\/a> there\u2019s \u201ca lot of ground to cover\u201d despite the \u201csolid reclaim\u201d of the 2024 range lows. Meanwhile, another market watcher pointed out that Solana broke out an ascending triangle pattern after the price surge.<\/p>\nSOL Gearing Up For Next Big Resistance<\/h2>\n