#FOMO for #SOL and #AVAX precede impending corrections caused by fear of missing out
In the last day, SOL and AVAX have both seen price increases of around 8%.
There may be a price correction for SOL, according to Santiment's statistics, which implies that FOMO is the main driver of its price surge.
Santiment data shows that AVAX's ascent was unaffected by FOMO, hence its price may keep going up.
Thursday saw a little rebound throughout the cryptocurrency market, which led to a 9% rally in Solana (SOL) and a 7% rally in Avalanche (AVAX). Nevertheless, according to Santiment data, SOL's surge may be attributed mostly to FOMO, but AVAX has not been much impacted by this fear on its price.
With the cryptocurrency market on the mend, AVAX and SOL are seeing massive price increases. Santiment recently shared crucial data in an X post that might explain why SOL and AVAX prices have been rising and why they may be subject to adjustments.
After seeing important market-moving news on Thursday, Santiment's social volume data indicates that FOMO was the primary cause for SOL's increase, with both tokens jumping roughly 8%. Since fear of missing out (FOMO) probably drove the current demand, the data also implies that SOL could undergo a correction shortly.
There may have been a recent price increase in SOL due to VanEck's S-1 application for a Solana ETF. One possible explanation for its ascent is that GSR has gone long on SOL, praising its "superior technology" and stating that it "continues to distance itself from the pack."
Also on Thursday, AVAX price soared by 8% without any help from social traffic or fear of missing out. Santiment data shows that AVAX may be able to maintain its price gain as it rallied without seeing an increase in social volume or fear of missing out.
Contrasting dynamics in the cryptocurrency market are shown by the two price surges, which demonstrate the role of psychology on price rises.
