Data shows social media sentiment around Solana has hit a 11-week high following the latest recovery surge in the cryptocurrency’s price.
Solana Is Now Observing 5.8 Bullish Comments For Every Bearish Post
In a new post on X, analytics firm Santiment has discussed about the latest trend in the Positive/Negative Sentiment for Solana. This indicator tells us about how the bullish and bearish comments related to SOL currently compare on the major social media platforms.
The metric uses a machine-learning model to judge whether a given post/thread/message is positive or negative. Once it has separated the texts into the two categories, it counts them up and finds their ratio.
Now, here is the chart shared by the analytics firm that shows the trend in the Solana Positive/Negative Sentiment over the last couple of months:
As displayed in the above graph, the Solana Positive/Negative Sentiment has witnessed a sharp increase recently, indicating that positive comments related to the cryptocurrency have ramped up.
Currently, there are 5.8 positive posts appearing for every negative post. This is the highest that the ratio’s value has been since June 11th, more than two months ago.
The rise in bullish sentiment is a result of the 16% price surge that SOL has enjoyed over the past week. While some excitement after rallies is normal, an excess of it can be something to watch out for. This is because digital assets have historically tended to move in a way that goes contrary to the expectations of the majority.
This means that a large amount of hype among social media users can lead to tops. Similarly, widespread fear can facilitate the formation of a bottom. With the Positive/Negative Sentiment sitting on an 11-week high, it now remains to be seen whether trader FOMO would become an obstacle in the Solana rally.
In some other news, Santiment has shared an update on how projects on the SOL blockchain currently rank up against each other in terms of the Development Activity.
The “Development Activity” refers to a metric that measures, as its name suggests, the total amount of work that the developers of a given cryptocurrency project are putting in on its public GitHub repositories.
Below is a table that shows the 30-day value of the metric for the top projects in the SOL ecosystem.
It would appear that the king of the SOL ecosystem is none other than Solana itself, with a Development Activity value of 138.37. Wormhole (W) and Drift (DRIFT) are the next best projects with metric values of 41.47 and 31.9, respectively.
SOL Price
At the time of writing, Solana is trading around $212, up 1.6% over the past day.
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