The cryptocurrency market has been quiet for most of last week, with many large-cap assets including Bitcoin (BTC) and Ethereum (ETH) struggling to make any mark. Solana was also among the top cryptocurrencies that failed to impress over the past seven-day period.
However, the cryptocurrency market received a jolt on Friday, October 11, as Bitcoin regained $62,000 while Solana returned above $140. A prominent blockchain company has explained the motivation behind this recent surge in SOL token prices.
Solana sees a noticeable rise in crowd morale
In a recent post on X, Santiment open The bullish catalyst behind the recent rise in Solana prices, explaining how it caused a notable spike in positive investor sentiment. According to the blockchain company, the altcoin has seen a price surge due to loose rumors about Apple building on the Solana network.
On Friday, October 11, some users on the X platform posted an Apple video with the caption, “Buy Solana before Apple announces it.” As a result, many cryptocurrency investors are wondering if there is a potential partnership between the IT giant and one of the blockchains widely used in cryptocurrencies.
Apple’s adoption of blockchain technology will represent an important link between decentralized and centralized technologies. Although there is no strong connection or hint of a potential partnership between Apple and Solana, the mere idea of a collaboration has sparked a wave of upside among SOL investors.
According to data from Santiment, Solana saw five bullish comments for every one bearish comment across social media on Friday. This is the highest level of bullish sentiment the altcoin has seen in about three weeks. In comparison, the investing public has remained neutral on the two largest cryptocurrencies; Bitcoin and Ethereum.
Source: Santiment/X
This injection of new positivity sparked a huge rally for the fifth-largest cryptocurrency, pushing the price of SOL above the $140 level. While these persistent rumors have proven to be enough to drive Solana’s price in the short term, investors may want to be cautious. This is especially true considering that the market tends to move in the opposite direction to the crowd.
Solana price at a glance
As of this writing, Solana’s price is around $145, reflecting a roughly 4% increase over the past 24 hours. This recent positive surge barely had any significant impact on the altcoin’s weekly performance.
According to CoinGecko data, the price of SOL has risen by about 1% in the past seven days. However, the cryptocurrency maintains its position as the fifth largest asset in the sector, with a market capitalization of more than $68.2 billion.
The price of SOL on the daily timeframe | Source: SOLUSDT chart on TradingView
Featured image by Dreamstime/Aivaras Sakurovas, chart from TradingView