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SOL Traders Push Positive Social Sentiment Up, With 6 Bullish Posts Vs 1 Bearish
- Positivity has begun to build for Solana among investors, according to recent data from Santiment.
- According to the analysts, crypto social media has been abuzz with bullish posts regarding the Web3 ecosystem.
- For every single negative post about Solana, there were approximately 5.6 positive ones over the weekend.
- The uptick in sentiment may be due to unconfirmed rumours that tech company Apple is considering a project built on Solana.
Solana, like much of the crypto market, has endured a fairly quiet month. The coin’s native token, SOL, is still trading 6% higher than it was four weeks ago, but news and hype around the project is seemingly subdued.
However, that hasn’t stopped positive sentiment from sweeping across social media, according to research from crypto analysts Santiment.
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Bullish Posts Regarding Solana Have Sky-Rocketed over the Past Week
Last week, Santiment posted that Solana had enjoyed a particularly positive Friday on the socials, coinciding with a sharp rise in SOL’s price. The graph, which compares bullish to bearish tweets and other social media posts, is a decent way of assessing which coins are being talked about in a good light – and which are not.
On Friday, Solana posted a positive-to-negative post ratio of almost 6:1, its highest reading since mid-September.
For context, Bitcoin and Ethereum remained approximately neutral throughout most of last week.
Apple to Build on Solana? Rumours Circle Social Media
As it turns out, Friday was just the beginning of the deluge of positivity surrounding Solana.
Santiment followed up its October 12th tweet two days later to report the DeFi project’s positive sentiment ratio had increased to a nine-month high of 5.6. This means that, on average, there are 5.6 bullish posts for every bearish post across X, Reddit, Telegram, 4Chan and BitcoinTalk.
Part of the sentiment shift is due to rumours circling that tech giant Apple is considering Solana as its blockchain of choice for an upcoming Web3 project.
Related: Commissioner Uyeda Calls SEC Approach a ‘Disaster’ for Whole Crypto Industry
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The rumours are exactly that – rumours – and we all know how crypto social media can run with the slightest nugget of info and turn it into a hype train.
However, even the mere possibility of Apple joining the Solana ecosystem paints a bullish picture for the ever-popular DeFi network.
Author
Ben Knight
Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.
