The post Solana (SOL) Surges 18%, But Watch Out For Crowd FOMO appeared on BitcoinEthereumNews.com.

Solana has been showing a breakout over the last few days, but data shows crowd FOMO is rising, which could be a bad sign for the rally. Solana Social Volume Has Shot Up Alongside The Rally According to data from the on-chain analytics firm Santiment, the SOL social volume has observed a sharp increase following the recent recovery of cryptocurrency. The “Social Volume” here refers to an indicator that keeps track of the degree of discussion that any given asset receives on the major social media platforms. Related Reading This metric makes this measurement by counting up the unique number of posts/threads/messages, making at least one mention of the cryptocurrency. The indicator doesn’t simply count up the mentions themselves because sometimes a large number of mentions can crop up within a couple of posts, while at the same time, the discussion could be more or less dead on the rest of social media. The high mentions would suggest a lot of discussion in this case, but in reality, the talk is all contained within niche circles. By measuring the number of posts, the Social Volume can tell us about the trend across social media. Now, here is a chart that shows the trend in the Solana Social Volume over the past week or so: The value of the metric appears to have been quite high for the asset recently | Source: Santiment on X As is visible in the above graph, the Solana Social Volume has registered some rapid growth recently. This would imply that the intensity of discussions related to the asset has suddenly spiked. The driver behind this increase in the indicator is likely to be the rally that the coin’s price has enjoyed recently. In this new surge, SOL has recovered from a low of around $124…

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Filed under: News - @ June 29, 2024 10:20 am