Solana: is it enough for now?
Solana keeps breaking new ATHs, again and again. It also reached #1 position in Emerging Trends list. Which is often a warning sign (proof). What could we see from perspective of non-onchain data for Solana? Let's have a look.
The amount of "SOL" mentions in crypto social media looks toppish for sure:
Because most times we get such a massive volume spike we get a short term correction. And the latest spike is massive. Actually the biggest ever for Solana.
Have a look at previous spikes in SV. You might notice that some of them had marked very short term corrections, may be one or two days of consolidation and then we continued to grow.
Twitter followers growth
Is declining for a while now though:
It's not Twitter followers count, it's showing how much new twitter subscriptions Solana gets daily. And it says that no new 'social blood' coming last days. Less and less new subscribers.
It's ATH in trading volume for Solana as well:
We don't know how would that effect things. But if we look at previous times it seems that spikes usually come along with a local price top. Quite a remarkable massive outlier today.
It's interesting that weighted social sentiment is no bullish anymore. Strongest euphoria came in the middle of the rally, a number of days ago. And now it's hovering around neutral.
Solana seems toppish.
It is the case that it is now ATH for volume and social volume. But we're in both price discovery and social discovery. It remains to be seen how quickly this is going to impact Solana negatively. May be it's fair to say that along the way we expect that Solana could possibly cool off in a week or two. As social interest declines and moves to other projects.
Dogecoin for example.
Have a look at 7d price change:
Solana is next to Dogecoin. One is pumping, another is dumping. This is probably a coin that could inherit Solana rally.
Let's wait and see if traders will be more lucky with SOL than with Doge.
Recommended charts set tuned for Solana: https://app.santiment.net/s/nhMRikTB
Disclaimer: The opinions expressed in the post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.