Assessing SOL’s 23% surge, its latest NFT collection, and expected price path

Solana witnessed a significant surge in the last seven days. While this was good news on the price front, SOL’s latest NFT collection mint was also a hit. Where will SOL head next?

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%.

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.

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.

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