According to Santimento, Solana and Arbitrum's social volumes have taken different paths in recent days. For example, Solana's trading volume has seen a marked increase, rising more than 3% twice during the week.
October 13 social volume #rose to 3.8%; on October 17, it also rose 3.6%.
This suggests that #SOL accounted for more than 3% of cryptocurrency-related discussions this week. Note that at the time this article was published, Solana's social volume had dropped slightly to around 2.7%.
Meanwhile, ARB's social volume remained relatively low. Despite some spikes, the highest was 1.4% on the same day that SOL peaked at 3.8%.
At the time of writing, Arbitrum's social dominance has dropped to around 0.09%.
The daily price chart shows that #Solana has been in an uptrend for the past few weeks. This week, for example, the SOL price rose to a peak of $163.14, which is 5.86% above the recent low.
At that time, the price was above the 50-day moving average (MA) of $142.25 and the 200-day MA of $150.71. This underscores the short- and long-term bullish trend in altcoins.
In addition, SOL broke above these key moving averages and the Relative Strength Index (RSI) was neutral, indicating the potential for further upward momentum.
#Arbitrum , on the other hand, has shown less upward momentum and has been consolidating in a narrow range in recent weeks, sitting below the 50-day MA at $0.5497 and the 200-day MA at $0.8111. This indicates a medium-term bearish trend.
At the time of publication, the 200-day MA was also well above the price, while the 50-day MA was only slightly higher.
This week Solana was in a better position than Arbitrum. As the token crossed above its key moving average and the RSI is in overbought territory, buyers are in favor and Solana is likely to continue its uptrend.
Arbitrum, on the other hand, remains in consolidation mode. Although it has started to show signs of recovery, it does not have the same bullish momentum as Solana.
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