Like many altcoins in the market, Solana’s (SOL) price jumped in the last 24 hours. This is a positive development for the token, which has increased 13% in the last seven days.
A Huge Warning for Solana Bulls
At press time, SOL’s price sits at $158, marking its highest point since August 11. Despite this surge, Solana’s social dominance has dropped.
Social dominance measures how much attention a cryptocurrency receives compared to others. A high percentage suggests increased discussions about Solana, which can be key to sustaining its upward momentum.
However, SOL’s social dominance declined from 4.50% on August 19 to 2.58%. This drop hints that the market’s enthusiasm for the token may be fading.
If social dominance continues to fall, SOL’s rally could lose steam. In the worst case, its price might slide much lower than the gains it has had in recent days.
As seen above, whenever social dominance drops during an uptrend, the rally typically halts. If history repeats itself, SOL could be headed for a decline.
In addition to social dominance, Solana’s Weighted Sentiment has also turned negative. According to Santiment, this metric tracks the overall sentiment toward a cryptocurrency across social media platforms.
When sentiment is positive, social media comments lean bullish. On the flip side, negative sentiment reflects a pessimistic outlook, which is now the case with SOL.
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