{"id":342998,"date":"2023-09-12T17:00:58","date_gmt":"2023-09-12T11:30:58","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=342998"},"modified":"2023-09-12T14:02:54","modified_gmt":"2023-09-12T08:32:54","slug":"solana-why-impending-danger-could-be-a-blessing-in-disguise-for-sol","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/solana-why-impending-danger-could-be-a-blessing-in-disguise-for-sol\/","title":{"rendered":"Solana: Why impending danger could be a blessing in disguise for SOL"},"content":{"rendered":"<ul>\n<li><em>SOL&#8217;s social dominance hit a yearly high, indicating a possible 3x repeat.<\/em><\/li>\n<li><em>The sentiment around the token crossed into the positive area amid a forthcoming sell-off.<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">As expected, FTX\u2019s imminent liquidation has left <\/span><span style=\"font-weight: 400;\">Solana [SOL<\/span><span style=\"font-weight: 400;\">] in a sorry state. The token, which is the biggest holding of the now-collapsed exchange dropped to $17.98, resulting in a 6.98% decrease in the last seven days.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Is your portfolio green? Check the <\/span><a href=\"http:\/\/ambcrypto.com\/calculator\/solana-profit-calculator\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">SOL Profit Calculator<\/span><\/a><\/p>\n<hr \/>\n<h4><b>SOL\u2019s social dominance goes over the roof<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Due to the attention around Solana, the project\u2019s social dominance touched its highest point in 2023. Similar to market dominance, social dominance considers the share of voices conversing about a project or token. To get the value, LunarCrush divides the social volume of an asset by the entire cryptocurrency market\u2019s social volume.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But that\u2019s not all. According to the data shared by pseudonymous Osmosis researcher Emperor Osmo, the increase in social dominance brings back memories of the past. In his post on X (formerly Twitter), Emperor Osmo noted that the last SOL\u2019s social dominance reached such heights, the token value almost tripled.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$SOL<\/a> social dominance hits yearly highs despite price dip.<\/p>\n<p>Last time this occurred, we skyrocketed from $9 to $25. <a href=\"https:\/\/t.co\/rYrpB2jmSW\">pic.twitter.com\/rYrpB2jmSW<\/a><\/p>\n<p>&mdash; Emperor Osmo \ud83d\udc02 \ud83c\udfaf (@Flowslikeosmo) <a href=\"https:\/\/twitter.com\/Flowslikeosmo\/status\/1701234240644342008?ref_src=twsrc%5Etfw\">September 11, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">So, is it possible to experience a repeat?\u00a0 To address this, metrics like the weighted sentiment would be useful. By definition, the weighted sentiment measures the unique social volume of assets by looking at the positive\/negative commentary on social platforms.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the time of writing, Solana\u2019s weighted sentiment had <\/span><a href=\"https:\/\/app.santiment.net\/charts\/Rqib5txx__sCl\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">jumped<\/span><\/a><span style=\"font-weight: 400;\"> into the positive region. Previously, the same metric tanked to -0.546. However, the recovery to 1.031 suggests that market players believe the <\/span><a href=\"http:\/\/ambcrypto.com\/solana-deciphering-whats-behind-the-weekend-turmoil\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">price drop<\/span><\/a><span style=\"font-weight: 400;\"> would only last for the short term.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Therefore, it is very likely that participants are taking advantage of the dip, and have the viewpoint that SOL is currently trading at a discount.\u00a0<\/span><\/p>\n<h4><b>Weeping may last for the night but\u2026<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Meanwhile, it might also pique your interest that Solana\u2019s on-chain volume also increased. According to\u00a0 Santiment, the volume was 399.21 million. For context, on-chain volume depicts the amount of tokens transferred from external wallets into exchanges.<\/span><\/p>\n<figure id=\"attachment_343004\" aria-describedby=\"caption-attachment-343004\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Solana-SOL-08.37.53-12-Sep-2023.png\"><img decoding=\"async\" class=\"wp-image-343004 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Solana-SOL-08.37.53-12-Sep-2023.png\" alt=\"Solana's volume and weighted sentiment\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Solana-SOL-08.37.53-12-Sep-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Solana-SOL-08.37.53-12-Sep-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Solana-SOL-08.37.53-12-Sep-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Solana-SOL-08.37.53-12-Sep-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Solana-SOL-08.37.53-12-Sep-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Solana-SOL-08.37.53-12-Sep-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-343004\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Thus, this means that a likely selling pressure may occur apart from <\/span><a href=\"http:\/\/ambcrypto.com\/solana-why-ftxs-upcoming-sell-off-could-threaten-sols-position\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">FTX\u2019s liquidation<\/span><\/a><span style=\"font-weight: 400;\">. This was further proven by the <\/span><a href=\"https:\/\/app.santiment.net\/charts\/XzrSmO3x__sCl\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">open interest on exchanges<\/span><\/a><span style=\"font-weight: 400;\">. Used to determine market sentiment on exchanges, a hike in the metric suggests an increase in trading activity and possible sell-offs.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the other hand, a decrease implies muted market activity. At press time, SOL\u2019s open interest on exchanges spiked to 1.06 billion, confirming the aforementioned short-term sentiment.<\/span><\/p>\n<figure id=\"attachment_343003\" aria-describedby=\"caption-attachment-343003\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Solana-SOL-08.51.09-12-Sep-2023.png\"><img decoding=\"async\" class=\"size-full wp-image-343003\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Solana-SOL-08.51.09-12-Sep-2023.png\" alt=\"SOL price and Solana open interest on exchanges\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Solana-SOL-08.51.09-12-Sep-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Solana-SOL-08.51.09-12-Sep-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Solana-SOL-08.51.09-12-Sep-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Solana-SOL-08.51.09-12-Sep-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Solana-SOL-08.51.09-12-Sep-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Solana-SOL-08.51.09-12-Sep-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-343003\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Read <\/span><a href=\"http:\/\/ambcrypto.com\/predictions\/solana-price-prediction\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Solana\u2019s [SOL] Price Prediction<\/span><\/a><span style=\"font-weight: 400;\"> 2023-2024<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Still, a section sees the further decline as a chance to accumulate for the mid to long term. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">There was also another section that believes the Fear, Uncertainty, and Doubt (FUD) around Solana might not push the token to the lows experienced during the November 2022 FTX contagion.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The FUD around SOL heightened as FTX prepares to liquidate its holdings. However, some participants consider the declining price as an opportunity to accumulate. Does on-chain data agree?<\/p>\n","protected":false},"author":72,"featured_media":343006,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[],"class_list":["post-342998","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Solana: Why impending danger could be a blessing in disguise for SOL - AMBCrypto<\/title>\n<meta name=\"description\" content=\"As expected, FTX\u2019s imminent liquidation has left Solana [SOL] in a sorry state. 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