Market sentiment for Solana (SOL) has reached a monthly low. Investors are showing bearish attitudes, but analysts suggest this might indicate an impending price jump.
Negative Sentiment Peaks
The last time SOL investors were this bearish was in January when the price fell to $232. Since then, the asset has lost more than 30% of its value.
Analyzing Solana's Price Drop
Experts attribute Solana's price drop to the current state of the meme coin sector. Solana's blockchain is a leading network for creating meme coins. Over $200 million in liquidity has been pulled from meme coins on Solana's network this year.
Future Outlook: Possible Bounce
Despite current challenges, analysts believe Solana could soon experience a significant bounce. Historically, when crowd sentiment is negative, the market tends to move in the opposite direction.
While Solana's market is facing challenges, experts do not rule out the possibility of recovery in the coming weeks, based on historical market behavior patterns.
