Solana (SOL) closed the previous week on a bullish note and has continued its upward trend into the new week, with market data highlighting an increase in positive sentiments.
According to data from Santiment, traders and investors of the Solana (SOL) coin are responsible for driving market sentiments to a staggering 9-month high.
It appears that investors and traders are using social media to strengthen the asset’s position within the cryptocurrency community. As Santiment remarked, “There are currently 5.6 bullish posts for every 1 bearish post across X, Reddit, Telegram, 4Chan, and BitcoinTalk.”
SOL’s current run has been observed from the previous week, as the asset notably stood out as a top weekly and weekend gainer. Last week, a handful of crypto tokens enjoyed massive Friday gains, and SOL was not exempted. On Friday, SOL reportedly began to stand out as bullish crowd sentiments intensified.
Last week, while the Bitcoin and Ethereum crowd outlook remained neutral, Solana saw a 3-week high bullish sentiment spike.
The market hype can be associated with rumors of American computer and consumer technology company Apple bustling on the Solana blockchain. Although Apple has neither confirmed nor denied these rumors, the 5th largest crypto asset by market cap has surged ever since.
Broader market outlook and technical data favor bullish sentiments for Solana
Predictions for Solana’s future have also been bullish, with Standard Chartered, in a new research note, asserting that SOL could overtake Bitcoin and Ether under a Trump presidency.
Outlining expectations for some leading crypto assets, Geoffrey Kendrick, the head of digital assets at the bank, stated in an email that he expected a 200%, 300%, and 400% increase in 2025 for Bitcoin, Ether, and SOL, respectively. Although his expectations for Solana are bullish, he maintains that the asset is “richly priced” at the moment.
“This rich valuation requires throughput on Solana to increase 100-400X (over the next several years), something that seems more reasonable under Trump than Harris (as a Trump administration will be more friendly to the overall digital asset ecosystem),” Kendrick wrote in an email.
At the time of this report, Solana (SOL) trades at $165 per coin. Up by 3.16% from the past day, SOL is the second best-performing asset after Bitcoin, with weekly gains soaring to 7.37%.
