Social media rekindled the market on Dogecoin, Solana

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The data shows social media sentiment around Dogecoin and Solana has seen a significant improvement following the market turnaround.

Social media is now bullish on Dogecoin, Solana, and Cardano

In a new post At X, analytics firm Sentiment discussed what traders on social media currently feel about various top assets in the cryptocurrency sector. The metric of relevance here is “Positive/Negative Sentiment,” which, as its name suggests, tells us how bullish and bearish sentiment relative to a given asset compares across major social media platforms.

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This indicator works by analyzing posts/comments/messages across platforms through a machine-learning model to differentiate between positive and negative. It then takes the ratio of these counts to calculate the net position around the coin. When the Positive/Negative sentiment value is greater than zero, it means that positive posts are more than negative sentiments. On the other hand, being below this mark means that investors have a negative sentiment overall.

Now, here is a chart that shows the trend in the indicator for six top coins: Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Dogecoin (DOGE), Solana (SOL), and Cardano (ADA):

Dogecoin vs Solana sentiment — It seems that the trend of the metric is not consistent across these properties Source: Satisfaction at x

As displayed in the graph above, positive/negative sentiment has recently been seen for Solana, Dogecoin and Cardano, suggesting that sentiment around the assets has improved. Among them, traders are most positive about SOL, with its bullish comments almost six times bearish. The value of the metric is approximately 3 for ADA and 2 for DOGE.

The improvement in sentiment for Dogecoin and others comes after a sector-wide one the rebound in prices. Interestingly, while the bullish movement has made investors more optimistic about these coins, it has failed to do so in the case of Bitcoin, Ethereum, and XRP, which are the top three cryptocurrencies. Market Cap.

The indicator is sitting near the neutral zero level for these assets, which means there are as many positive posts as negative posts. This fact, however, may not actually be bad for BTC and the crypto market.

Historically, digital assets have tended to move in a direction that is opposite To the expectations of the majority. This means that too much bullishness can lead to bullish tops, while too much bearishness can result in bottoms.

Thus, hype around Dogecoin, Solana, and Cardano could hurt their prices, while Bitcoin, Ethereum, and XRP could have bullish room to run before peaking.