Solana (SOL) has continued its recent bullish wave over the past 24 hours with a 4% increase, but the trend in this social media-related metric could be one to watch.
Traders may have gotten a little too excited about Solana on social media recently
According to data from the analytics firm HolyPositive sentiment around SOL on social media has skyrocketed to a nine-month high following the coin’s latest bullish push.
The relevance indicator here is the “Positive vs. Negative feeling”, which, as its name suggests, tracks the relationship between the number of positive and negative comments related to Solana that appear on social media. This metric works by analyzing posts/threads/messages on various social media platforms (X, Reddit, Telegram, 4Chan, and BitcoinTalk) and running them through a machine learning model to determine which ones relate to positive sentiment and which ones relate to positive sentiment. with negative feeling.
When the indicator has a value greater than 1, it means that the number of positive posts exceeds the negative ones at the moment. On the other hand, being below the mark implies the predominance of bearish comments.
Now, here is a graph showing the trend in Positive vs. Negative sentiment towards Solana in recent months:
As shown in the chart above, Solana Positive Vs. Negative sentiment has seen a huge increase as the latest recovery in the asset’s price occurred. With this increase, the indicator has reached a value of more than 5.6, meaning that social media users are making more than 5.6 times more bullish posts than bearish ones.
This is the highest level the metric has reached in about nine months, so traders are clearly quite optimistic about SOL’s current rally. While some bullish moods can lead to rallies, too much of them can be a hindrance.
Historically, cryptocurrencies like Solana have tended to show movements that are opposite to what the crowd expects. The probability of a contrary move increases the more certain traders are of a direction, so a highly bullish market can lead to highs in price.
This effect is also visible on the chart, as some past peaks in Positive vs. There had been negative sentiment around the local highs of the Solana value. So far, SOL has only continued to rise despite the investor. FOMObut considering the historical pattern, it is possible that a maximum will be reached in a short time, if advertising on social networks remains at high levels.
SOL Price
Solana continued its latest streak with a 4% rise over the past day, taking its price above the $153 level.
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