- Solana surged by 22.47% over the last seven days, indicating the strength of the bulls.
- Despite indicators in favor of SOL, metrics revealed a different side of the altcoin.
As we enter the final quarter of 2023, most cryptocurrencies are still struggling to find a firm footing in the market. However, as of 3 October, Solana [SOL] followed a different trend. This was evident by looking at the altcoin’s impressive price action over the last seven days.
At the time of writing, SOL was exchanging hands at $23.60 which was a massive 22.47% higher than the last seven days. Although the alt traded lower in the last 24 hours, it was by a mere 0.03%.
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Everything at once for SOL
At the time of writing, SOL also made it to the trending topics on X (formerly known as Twitter). But what led to SOL’s making a place in the trending topics? On 3 October, Solana’s NFT collection, BozoCollective had a free mint. Furthermore, the free mint sold out in only an hour. This could have led to the hype around the cryptocurrency as well as pushed the price higher.
Sold Out!
Just want to take a moment and thank the bozo community.
Holders chat will be live in discord soon.
MORE TO COME. WE ARE NOT JUST A FREE MINT.
Engage we’ll drop 1 bozo for our favorite comment. pic.twitter.com/wRapXbUjAt
— Bozo Collective (Free Mint Oct 3rd) (@BozoCollective) October 3, 2023
Despite the chatter around the Bozo NFT collection, data from Santiment didn’t exactly favor SOL’s stance. At press time, SOL’s social dominance and weighted sentiment didn’t lend much support to SOL’s ongoing price action.
As can be seen, SOL’s weighted sentiment dropped on 2 October indicating that the market wasn’t exactly in favor of the altcoin. Furthermore, a drop in social dominance strengthened the notion of lower mentions of the alt on the social front.
Source: Santiment
Solana’s indicators make a statement
Although the metrics front didn’t bear favorable results for the altcoin, there was no stopping for the market indicators. Since 1 October, SOL has been on an uptrend. This was evident by looking at the position of the Moving Average Convergence Divergence (MACD).
The MACD line (blue) was above the signal line (red) and both the lines were seen making their way above the zero line. This was a clear indication that the bulls were in control of the market. Furthermore, the Relative Strength Index (RSI) entered the overbought region and stood at 70.86.
How much are 1,10,100 SOLs worth today?
While there was room for the bulls to push further, a trend reversal could be the upcoming reality of SOL anytime now. However, the Money Flow Index (MFI) moved in the opposite direction and stood at 63.06 at press time. A clear indication that pullback was underway.
Source: TradingView
Regardless of the possibility of a pullback, SOL’s long/short ratio stood at 1.01. Over the last 24 hours, the number of positions long positions held outnumbered the number of short positions. Thus, indicating that holders were in it for the long haul.
Source: coinglass
