The post Solana leaves Arbitrum, other L2 assets behind on THIS front appeared on BitcoinEthereumNews.com.

SOL’s price surged by 5.86% this week, with social dominance peaking at over 3.8% ARB’s social volume remained low, dropping to 0.09% while the token traded below key moving averages This week has seen Solana [SOL] register a significant uptrend in price and a surge in social dominance. On the contrary, Arbitrum [ARB] and other L2 assets saw major declines on the social volume and price action front.  Needless to say, this has created a contrasting narrative between these blockchain ecosystems. Solana and Arbitrum see divergent social volumes According to Santiment, the social volume of Solana and Arbitrum followed divergent paths over the last few days. For instance, Solana has seen a notable hike in social volume, rising by over 3% on two separate occasions this week. On 13 October, the social volume surged to 3.8%. Another spike of 3.6% followed on 17 October. This indicated that SOL dominated over 3% of all crypto-related discussions during the week. Worth pointing out though that at press time, Solana’s social volume had fallen slightly to around 2.7%. Source: Santiment On the other hand, ARB’s social volume stayed relatively low. While it did see some spikes, the highest was 1.4% on the same day when SOL peaked at 3.8%. At the time of writing, Arbitrum’s social dominance had dropped further to approximately 0.09%. Comparing Solana and Arbitrum’s price trends  The daily price chart showed that Solana has been on an uptrend over the past few weeks. For instance, this week, SOL’s price surged to a peak of $163.14 – Representing gains of 5.86% from its most-recent low. At press time, the price sat above the 50-day Moving Average (MA) of $142.25 and the 200-day MA of $150.71. This highlighted the altcoin’s short-term and long-term bullish trends.  Source: TradingView Also, SOL’s break above these…

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Filed under: News - @ October 20, 2024 12:05 am