Solana surges in price and social dominance while Arbitrum lags behind
Solana’s (SOL) price saw a 5.86% increase this week, with its social dominance peaking at over 3.8%. Meanwhile, Arbitrum (ARB)’s social volume dropped to just 0.09% as the token traded below key moving averages. This has created a contrasting narrative between the blockchain ecosystems of Solana and Arbitrum.
Solana and Arbitrum display divergent social volumes
Saintly reported that Solana’s social volume increased significantly this week, rising by more than 3% on two occasions – reaching over 3% of all crypto-related discussions on both days. In contrast, ARB’s social volume remained low despite some minor spikes. At press time, Solana’s social dominance had fallen slightly to around 2.7%.
Comparing Solana and Arbitrum’s price trends: upward momentum for SOL, consolidation for ARB
The daily price chart shows that Solana has been trending upwards over the past few weeks, with SOL’s price reaching a peak of $163.14 – representing gains of 5.86% from its most recent low at press time. The altcoin also broke above key moving averages and showed a neutral Relative Strength Index (RSI) suggesting further upward momentum is possible. Conversely, Decision (ARB) saw far less upward momentum over the same period; consolidating within a narrow range and remaining below its 50-day MA of $0.5497 and its 200-day MA of $0.8111, which suggests bearish medium-term trends for ARB; although it may have greater potential returns if it starts to pump given that it is attracting less attention compared to SOL according to lower social dominance numbers indicating buyers could potentially push prices higher if they take an interest in this token due to historical patterns where traders often shift their focus towards lesser known assets after major coins like SOL have already experienced substantial growth in value.
