Based on the analysis by the crypto analytics platform Santiment, altcoins Cardano, Solana, and Algorand are showing an increase in their influence on social networks. This is happening against the backdrop of a general rise in the cryptocurrency market and increased trader interest in these assets on social networks.
With Bitcoin's price rising to approximately $45,000, there is increased optimism in the market, which is also positively affecting altcoin prices. Cardano (ADA), Solana (SOL), and Algorand (ALGO) stand out in particular, thanks to a significant increase in mentions on social media.
Santiment analysts note that the social dominance of these cryptocurrencies has reached one of its highest levels in 2023, advising traders to exercise caution when investing in ADA, SOL, and ALGO.
The intensity of discussions on social networks is an important indicator of the popularity of cryptocurrencies among traders. Cardano has reached a six-month peak in social discussions, while levels for Solana and Algorand have reached two-month and three-month highs, respectively.
This surge in trader interest may be linked to the fear of missing out (FOMO), making a cautious approach to trading these assets important.
Additionally, one of the factors contributing to the increase in discussions may be the decision of Robinhood to offer commission-free trading to residents of the European Union, including access to Solana, Polygon, and Cardano, which could also stimulate interest in these altcoins.
