TL;DR
1.Solana's Social Dominance surges amid market FUD.
2.Solana's Social Dominance rises post-outage, price rebounds.
3.Solana soars 9% in 24 hours, surpasses $104 mark.
Solana has bounced back above the $100 mark following concerns raised by the recent outage, signaling a potential bottom formation for the cryptocurrency.
Recent data from on-chain analytics firm Santiment reveals a significant spike in Solana's Social Dominance as FUD (Fear, Uncertainty, Doubt) permeated the market. Social Dominance, derived from the metric "Social Volume," gauges the level of discussion surrounding a particular topic or term, such as Solana, across major social media platforms.
Rather than simply tallying the number of mentions, which could skew the data, Social Volume tracks the total amount of discussion through posts, threads, or messages mentioning the term. This spike in Social Dominance indicates heightened attention towards Solana among the top 100 cryptocurrencies.
The value of the metric appears to have been quite high recently | Source: Santiment on X
Analyzing the trend in Solana's Social Dominance over the past year reveals a notable increase, particularly in response to the recent network outage. The outage, lasting nearly five hours, prompted concerns within the market, leading traders to express their apprehensions on social media platforms.
Despite initial market jitters, Solana's price demonstrated resilience, rebounding swiftly from the FUD-induced dip. This pattern echoes historical trends where the cryptocurrency's price often defies market expectations. For instance, the December peak coincided with a surge in Social Dominance, reflecting overly optimistic investor sentiment, typically a precursor to market corrections.
Solana has surged by nearly 9% over the past 24 hours, surpassing the $104 mark and emerging as one of the top performers in the sector during this period.
Looks like the price of the coin has shot up over the past day | Source: SOLUSD on TradingView
Solana has recovered above $100 amidst concerns sparked by a recent outage, with its Social Dominance surging as FUD permeated the market. Despite initial apprehension, Solana's price rebounded, defying market expectations and demonstrating resilience.
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Aaron