Solana (SOL) and Avalanche (AVAX) rose 9% and 7%, respectively, on Thursday after crypto markets showed signs of a slight recovery. However, data from Santiment reveals that FOMO is the main force behind SOL's price increase, while AVAX is less affected by FOMO on its price.
AVAX rises alongside SOL as crypto markets recover
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With both tokens up around 8%, Santiment's social volume data shows that FOMO is the main reason for SOL's rise after it saw significant developments in the market on Thursday. This data also suggests that SOL may experience a correction soon as FOMO may have fueled recent demand.
Social Volume SOL & AVAX
The recent S-1 filing by VanEck for the Solana spot ETF may be behind SOL's recent price increase. Another reason for this price increase could be GSR's announcement that it has bought into SOL, commenting on its "outstanding technology" and how it "continues to separate itself from the rest."
A correction is unlikely if SOL continues to trade at higher levels as the market stabilizes.
At the same time, AVAX price also increased 8% on Thursday, with little influence from FOMO or high social volume. Data from Santiment shows that because AVAX increased without seeing an increase in social volume/FOMO, its price was able to sustain this increase.
These two price increases highlight opposing dynamics in the cryptocurrency market, showing how sentiment can influence price increases. While one token is experiencing a surge that may be driven by FOMO, the other token's rise appears to be more organic.
Source: https://tapchibitcoin.io/sol-va-avax-tang-gia-giua-nhung-dot-dieu-chinh-do-fomo-tiem-an.html
