Solana [SOL] may have topped out but retail euphoria is yet to diminish

Solana has enjoyed its growing dominance over the past several weeks. So much so that its native SOL token has managed to outperform the giant Uniswap’s UNI to become the latest entrant in the top 10 crypto-asset by market cap.

At a market cap of over $20 billion, SOL was trading just below Polkadot [DOT]. It has led the altcoin market after a stunning rally of more than 70% over the past week and hitting a fresh peak of $74.31. While the ongoing bullish trend appeared to have hit a minor slump and the asset seems to have topped out but the latest charts still suggest a growing retail euphoria about the coin in the market.

According to the cryptocurrency blockchain analytic platform, Santiment‘s data from 1000+ social channels, SOL-related mentions have peaked in the past 48 hours. The firm also noted that SOL emerged as the top word on its Social Trends today on the 18th of August, even surpassing “Taliban” and “Afghanistan” as the digital asset continued to gain more ground on crypto social media than any other narrative in the crypto market.

Santiment also added,

“Unsurprisingly, the average mood of these mentions is now overwhelmingly positive, as Solana’s Weighted Social Sentiment already sits at its highest level since March. According to several backtests of our social metrics, a top 3 placement on our Social Trends + extremely bullish sentiment are both common markers of market euphoria and, by proxy, approaching price tops.”

Solana’s gains isn’t unreasonable

The Solana blockchain has emerged as one a leader in the crypt market. It centres around speed, efficiency and security and facilitates time and cost-efficient transaction processing as opposed to the Ethereum blockchain. This has been a major factor driving users to decentralized applications such as non-fungible token [NFT] marketplace Solanart, built on the SOL network.

The crypto-asset has long blasted past the top coins such as Bitcoin and Ethereum several times this year. Market players have generated approximately 1,900% in profits owing to SOL’s price action.

Chayanika Deka: Chayanika is a full-time journalist at TronWeekly with over two years of experience. A graduate in Political Science and Journalism, she focuses on the political and financial impact of cryptocurrency and blockchain developments.