Social Media Is Now Bullish On Dogecoin, Solana, & Cardano

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

Social media is showing renewed optimism for Dogecoin, Solana, and Cardano.

A new analysis by Santiment reveals that the sentiment toward major crypto assets among traders on social media has shifted. The analysis uses the “Positive/Negative Sentiment” metric, which compares bullish and bearish sentiments for a given asset on major social media platforms.

The metric uses a machine-learning model to classify posts, comments, and messages on the platforms as positive or negative. It then calculates the net sentiment by dividing the counts of bullish and bearish posts. A value greater than zero indicates a bullish bias, while a value less than zero indicates a bearish bias.

The following chart shows the trend in the Positive/Negative Sentiment indicator for six top coins: Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Dogecoin (DOGE), Solana (SOL), and Cardano (ADA).

According to the chart, the Positive/Negative Sentiment has increased for Solana, Dogecoin, and Cardano in recent times, indicating an improvement in sentiment toward these assets. Of the three, traders are showing the most positivity toward SOL, with bullish posts outnumbering bearish posts by a factor of around six. The metric is around three for ADA and two for DOGE.

The improvement in sentiment for Dogecoin and the others comes amid a broader recovery in prices across the sector. Notably, the bullish wave has failed to shift sentiment positively for Bitcoin, Ethereum, and XRP, the top three cryptocurrencies by market capitalization.

The indicator is close to the neutral zero line for these assets, which means there are roughly equal numbers of positive and negative posts. However, this may not necessarily be a bad thing for BTC and the crypto market.

Historically, digital assets have tended to move in a direction counter to the expectations of the majority. This means that an overly bullish crowd can lead to tops, while an extremely bearish crowd can lead to bottoms.

As such, the hype around Dogecoin, Solana, and Cardano could work to the detriment of their prices, while Bitcoin, Ethereum, and XRP may still have bullish ground to cover before reaching a top.

DOGE Price

Dogecoin is currently trading at around $0.352, up over 2% in the past week.