Social Media Turns Bullish On Dogecoin, Solana As Market Rebounds
Data shows that social media sentiment surrounding Dogecoin and Solana has improved significantly as the market improves.
Social media is now bullish on Dogecoin, Solana and Cardano
in a new postal On X, analytics firm Santiment discusses what traders on social media are currently saying about various top assets in the cryptocurrency space. The correlation metric here is Positive/Negative Sentiment, which, as the name suggests, tells us how bullish and bearish sentiment relative to a particular asset compares across major social media platforms.
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This indicator works by classifying the posts/comments/messages that appear on the platform as positive and negative through a machine learning model. The net condition around the coin is then calculated based on the ratio of these counts. When the value of positive/negative sentiment is greater than zero, it means there are more bullish posts than negative posts. On the other hand, anything below that means overall negative investor sentiment.
Now, the chart below shows the indicator trends for six top coins: Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Dogecoin (DOGE), Solana (SOL), and Cardano (ADA ):
As shown in the chart above, there has been a recent increase in positive/negative sentiment for Solana, Dogecoin, and Cardano, indicating an improvement in sentiment surrounding these assets. Among them, traders were the most positive on SOL, with bullish comments about six times as many as bearish comments. The indicator value of ADA is around 3, and the indicator value of DOGE is around 2.
Improvement in sentiment for Dogecoin and other currencies is experienced across the industry rebound In terms of price. Interestingly, while the bullish wave made investors more optimistic about these currencies, it failed to do the same for the three major cryptocurrencies: Bitcoin, Ethereum, and Ripple. Market value.
The metrics for these assets are close to the neutral zero level, meaning there are just as many positive posts as negative posts. However, this fact may not actually be a bad thing for BTC and the cryptocurrency market.
Related reading: When this flip happens, the fun will begin for Bitcoin, analysts say
Historically, digital assets have tended to move in the following directions: Opposite Live up to most people’s expectations. This means that an overly bullish crowd may cause a top, while an extremely bearish crowd may cause a bottom.
As a result, the hype surrounding Dogecoin, Solana, and Cardano could hurt their prices, while Bitcoin, Ethereum, and XRP may still have room to bullish before reaching their peak.
dog price
At the time of writing, Dogecoin price is floating around $0.352, up more than 2% in the past week.
Featured images from Dall-E, Santiment.net, charts from TradingView.com
