Solana (SOL) has seen a price jump of 13% over the last seven days, reaching its highest point since August 11, sitting at $158. Despite this, its social dominance has significantly dropped, raising concerns about the sustainability of the rally.
Social dominance is crucial as it measures the attention a cryptocurrency receives compared to others. Solana's social dominance has decreased from 4.50% to 2.58%, indicating waning market enthusiasm.
A drop in social dominance during an uptrend usually halts the rally, hinting that SOL might face a decline. Additionally, Solana's Weighted Sentiment has turned negative, suggesting a pessimistic market outlook.
The daily chart shows potential resistance at $163.93, which might cause SOL to fall to $150.84 if not maintained. However, the 4-hour chart presents a bullish Adam and Eve pattern that could indicate the beginning of a new uptrend.
If the uptrend continues as per the 4-hour chart, SOL might invalidate the bearish patterns seen in the daily chart, potentially rising to $172.83 or even $187.33 in a highly bullish scenario.
