The cryptocurrency market was quiet over most of the past week, with several 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 last seven-day period.
However, the crypto market received a jolt on Friday, October 11, with the price of Bitcoin reclaiming $62,000 while Solana returned above $140. A prominent blockchain firm has explained the catalyst behind this recent price surge for the SOL token.
Solana Sees Notable Spike In Crowd Sentiment
In a recent post on X, Santiment revealed the bullish catalyst behind the latest Solana price surge, explaining how it has caused a notable spike in positive investor sentiment. According to the blockchain firm, the altcoin experienced a price upswing due to loose rumors of Apple building on the Solana network.
On Friday, October 11, certain users on the X platform posted a graphic video of Apple with the caption “Buy Solana before Apple announces it.” As a result, several crypto investors have been wondering if there is a potential partnership between the IT giant and one of crypto’s widely-used blockchains.
Apple adopting a blockchain would represent a significant interlink between decentralized and centralized technologies. Although there has been no solid relationship or hint of a potential partnership between Apple and Solana, the mere idea of collaboration has triggered a wave of bullishness amongst SOL investors.
According to data from Santiment, Solana witnessed five bullish comments per one bearish comment across social media on Friday. This is the highest level of bullish sentiment seen by the altcoin in about three weeks. Comparatively, the investor crowd remained neutral about the two largest cryptocurrencies; Bitcoin and Ethereum.
Source: Santiment/X
This injection of fresh positivity sparked a substantial rally for the fifth-largest cryptocurrency, pushing the SOL price above the $140 level. While this ongoing rumor mill has proven sufficient to push the Solana price in the short term, investors might want to exercise caution. This is especially true considering the market tends to move in the opposite direction of the crowd.
Solana Price At A Glance
As of this writing, the price of Solana stands at around $145, reflecting an almost 4% increase in the past 24 hours. This recent burst of positivity has barely made any significant impact on the weekly performance of the altcoin.
According to data from CoinGecko, the SOL price is up by about 1% in the last seven days. Nevertheless, the cryptocurrency retains its position as the fifth-largest asset in the sector, with a market capitalization of over $68.2 billion.
The price of SOL on the daily timeframe | Source: SOLUSDT chart on TradingView
Featured image from Dreamstime/Aivaras Sakurovas, chart from TradingView
