While Bitcoin rose above $ 44,000 again yesterday, altcoins also became active and some experienced significant increases.
While these altcoins include Solana (SOL), Stacks (STX) and Near Protocol (NEAR), Santiment evaluated the rise in these altcoins.
At this point, while SOL increased by 12%, STX by 23% and NEAR by 17%, Santiment said that increasing social volumes were behind this increase.
Stating that investors should be cautious in the face of increasing social volume, Santiment argued that when there is such an increase in social volumes, FOMO could potentially cause peaks in prices and this could eventually lead to a correction.
“Solana is up 13%, Stacks is up 23%, and Near Protocol is up 17%. These three altcoins are the top trending assets based on increasing social volumes.
In any case, when social volume increases at this level, the resulting FOMO creates price peaks.
Therefore, if you are holding these altcoins, take a cautious approach.”
SOL, STX and NEAR are $86 respectively at the time of writing; It continues to trade at $1.45 and $3.3.
*This is not investment advice.