Solana Sees Rising Social Hype, Yet Network Activity Is Falling

Data shows social media sentiment around Solana has been rising recently, but network utility has actually followed the opposite path.

As the chart below shows, the Positive/Negative Sentiment has been going up for Solana recently, implying an improvement in investor mood around the cryptocurrency.

Back in February, the indicator had plummeted for Solana as a consequence of the price crash. But even then, its value didn’t drop below the 1 level, meaning that sentiment never outright turned bearish, at least from the perspective of this metric.

From the graph, it’s visible that the improvement in sentiment was gradual at first, but April saw an accelerated recovery. Today, the Positive/Negative Sentiment is sitting at about 3.2, which indicates that social media users are making more than three bullish posts for every bearish comment. “There is a growing narrative that the asset is primed for a breakout after trailing Bitcoin and other large caps, and regressing to the mean,” noted Santiment.

With the Daily Active Addresses sitting at a 4-month low right now, it remains to be seen whether the bullish outcome that the social media crowd is hoping for will follow for Solana.

At the time of writing, Solana is trading around $89, up more than 5% in the last 24 hours.