Solana reclaims $180: Can high social volume push SOL to $200?

• Solana reclaims $180 after strong 11% bounce from $162 support.
• Social volume hits 6-month high as positive funding rates suggest sustained bullish momentum.

Solana [SOL] has shown remarkable resilience after successfully defending the critical support zone at $162. The latest charts indicate an 11% surge since the altcoin retested the key support level at $66.5. SOL was trading at $180.45 at press time.

Solana’s recent bounce occurred at a key demand zone, suggesting strong buyer presence at lower levels. 

Source: Tradingview

Solana social interest reaches fever pitch

According to santiment data, Solana’s social volume has reached levels not seen in the past six months. The altcoin social volume data indicates a dramatic spike in discussions and mentions across social platforms, particularly since early October.

This surge in social interest often precedes significant price movements, as witnessed during SOL’s previous rallies.

Source: Santiment

Funding rates signal bullish momentum

AMBCrypto further analysis on the Binance funding rate data reveals a significant positive trend, with minimal negative readings since July 2024.

This sustained positive funding rate environment indicates that market participants are willing to pay a premium to maintain long positions, reflecting strong bullish sentiment in the futures market.

Source: Santiment

Adding to the aforementioned positive funding rates, the Solana has recorded a spike in its long-short ratio. Long positions account for about 52% of all the positions.

The long positions are overwhelming the shorts, a key bullish sentiment for the anticipated price rally.

Source: Coinglass

Solana technical setup points higher

The technical structure presents a clear breakout from a multi-month consolidation phase.

With the price now testing the $180-$190 resistance zone, SOL appears positioned for a potential move toward the psychological $200 level.

The formation of higher lows since July further reinforces this bullish outlook.

Given the confluence of positive social sentiment, positive funding rates, and a strong technical setup, SOL could be preparing for another bullish rally.

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However, the $189 resistance level still remains on the lookout, as a decisive break above could accelerate momentum toward $250.

The key support at $162 remains crucial for maintaining the bullish structure.