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Solana (SOL) Surges 18%, But Watch Out For Crowd FOMO
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Solana (SOL) Surges 18%, But Watch Out For Crowd FOMO

Keshav Verma
Keshav Verma
11 months ago
2 mins read
Solana

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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.

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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:

Solana & Avalanche Social Volume
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 to the current $146 mark, meaning it has seen returns of almost 18% in just a few days.

The Social Volume spiking alongside a rally isn’t unusual, as social media users find sharp price action exciting, so they participate in more discussions than normal.

However, the scale of the spike that the metric has seen this time may be worth noting. Historically, the asset’s price has tended to move against the majority’s expectations, so too much excitement too suddenly can be a bearish sign for the cryptocurrency.

In the same chart, Santiment has attached the Social Volume for Avalanche (AVAX) data, which has also witnessed a recovery run. It would appear that, unlike the Solana surge, few are paying attention to Avalanche’s rally, as the indicator’s value has remained relatively low.

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Bitcoin Near ‘Euphoria’ Boundary: What Happens After A Breach?

11 months ago

Therefore, AVAX’s rally could be more likely to be sustainable than SOL’s, as it has been seeing much less FOMO, at least according to the Social Volume.

SOL Price

Solana had broken past the $151 level yesterday, but the asset has since seen a minor pullback to $146. It’s currently unclear if this means that the negative effect of FOMO is already kicking in for SOL.

Solana Price Chart
Looks like the price of the coin has been rising in recent days | Source: SOLUSD on TradingView
Featured image from Shutterstock.com, Santiment.net, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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