Despite a recent surge in major cryptocurrencies, Solana (SOL) has been an outlier, falling nearly 3.5% this week.
This decline comes as Santiment data shows extremely negative sentiment around SOL reaching its highest level this year, with more traders posting negative comments on social media than at any other time in 2026.
However, a well-known crypto analyst believes that this bearish sentiment could set up a rally towards $100 and even $127.
The Santiment data suggests that when most investors become extremely bearish, it often means many weak hands have already sold, and as selling pressure starts to dry up, new buyers can move the price higher.
One major reason behind Solana's weakness has been continuous selling from Pump.fun, which reportedly sold nearly $10 million worth of SOL in a single day, with cumulative sales reaching around $780 million.