While many altcoins are gradually recovering from the crypto selloffs, Solana (SOL) has made a remarkable 11% surge over the past 24 hours, pushing it to cross the $150 resistance level from the $110 region.

Despite closing its trade at $129.86 on Aug. 5 amid a sudden market downturn, Solana — easily escaping from the clutches of the oversold region — was still able to reach a high of $149.35 on Aug. 6. Meanwhile, on Aug 7. at 12 a.m UTC, SOL’s green candlestick almost touched the upper Bollinger band at $150.70, a feat which some altcoins still struggle with. 

Explaining the reason behind Solana’s price surge, Santiment, a market analytics platform, has claimed that SOL, unlike other altcoins, is a “particularly sentiment-driven cryptocurrency,” enabling the altcoin to rank among the top five crypto by on market capitalization. The platform further pointed out that the community’s sentiment could allow SOL to surge.  

A look at Santiment’s chart shows that Solana witnessed a surge when the positive sentiment versus negative sentiment ratio dropped down to the fear zone. Concurrently, the price of SOL dropped shortly when the positive versus negative sentiment ratio entered the greed zone.

Solana’s recent performance was watched by many analysts and market analysis platforms. Popular crypto analyst Ali Martinez had given an early warning signal on Aug. 6 at 8:49 pm UAE time, that SOL would witness a brief correction. However, he also predicted that Solana would be trading around $150-$166. 

Solana is currently priced at $153.21, with its market cap valued at over $71 billion, per CoinGecko.