Cardano, Solana and Algorand see one of the highest social dominance days in 2023
- Altcoins Cardano, Solana and Algorand noted a spike in their social dominance in the past 24 hours.
- ADA, SOL and OP social dominance marked one of the highest levels seen in 2023.
- Analysts at crypto intelligence tracker Santiment recommend proceeding with caution when trading in these assets.
Based on data from crypto intelligence tracker Santiment, altcoins like Cardano, Solana and Algorand noted an increase in their social dominance. Amidst a market wide crypto rally, these assets were most mentioned among traders on social media platforms like X.
Also read: Bitcoin analyst calls early bull market as BTC price targets $50,000 in December
Social dominance in ADA, SOL, OP marks an increase
Bitcoin price rallied closer to the $45,000 mark, fueling market participants with optimism and driving altcoin prices higher. Cardano (ADA), Solana (SOL) and Algorand (ALGO) ranked in popularity among traders, indicated by a spike in their social dominance.
The social dominance of these assets marked one of the highest levels in 2023, and this implies traders should be cautious when opening a position in ADA, SOL or ALGO, according to Santiment analysts.
Social discussions are a key metric that help determine the relevance and adoption of an asset among traders. Cardano’s social discussion is at a six month high, Solana and Algorand’s social discussion rates are at a two month and three month high respectively.
ADA, SOL, ALGO social dominance climbs
The development implies there is a Fear Of Missing Out (FOMO) altcoin price rallies, among traders, making it important for investors to proceed with caution when trading these assets.
One of the likely catalysts driving this increase in social discussions is Robinhood’s introduction of commission free trading for the European Union region. The cryptocurrency trade platform introduced EU traders to Solana, Polygon and Cardano, among other cryptocurrencies as part of its strategic move.
Rising demand from traders has likely fueled gains in altcoins like ADA, SOL and ALGO.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
