- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple risks extending losses despite Ripple-SEC motion to release escrowed $125 million
XRP comes under immense pressure, falling toward $2.09 as Israel and Iran escalate conflict. Ripple and the SEC file a joint motion requesting the release of $125 million held in escrow.
Crypto Today: Bitcoin, Ethereum, XRP clamber for support amid escalating volatility on Israel-Iran tensions
The cryptocurrency market has been hit by a sudden wave of extreme volatility, triggering widespread declines as global markets react to tensions between Israel and Iran.
Sui Price Forecast: Sui eyes triangle fallout below $3 as Open Interest, TVL plunge
Sui (SUI) edges lower by over 5% at press time on Friday, concurrent with the broader crypto market crash due to the escalation of the conflict between Israel and Iran.
Bitcoin eyes a drop toward $100,000 amid cautious sentiment as Middle East tensions escalate
Bitcoin price edges below $105,000 on Friday after falling 4% over the last two days. Market sentiment sours as conflict in the Middle East escalates, with over $1.15 billion in liquidation across crypto markets.
Bitcoin: BTC could slump to $100K amid Trump-Musk tussle
Bitcoin (BTC) tumbled to a low of $101,095 on Friday amid volatility in the market. The effect of the tussle between United States (US) President Donald Trump and Tesla Chief Elon Musk negatively influenced the NASDAQ and Tesla's stock price on Thursday, although both are recovering on Friday.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.