According to Santiment, a market intelligence platform with on-chain and social metrics for 2,000+ cryptocurrencies, Uniswap, The Graph, and Hex are currently on the positive side of the sentiment extremes and, that could have a negative effect on the pricing.
As per the data, the data, Solana, Tron, and Binance Coin are currently experiencing a negative sentiment impact.
The Santiment article notes that “the more positive the mainstream crowd is about an asset, the LESS likely it is to rise. And the more the crowd believes a coin is “done”, the MORE likely it is to rise.”
Last week, Binance’s native token, like Solana, received the most negative sentiment. As expected, the price has risen since then.
Despite the fact that there is a lot of FUD out there, Solana performs better than expected, which could be a good sign.
Similarly, after Tron (TRX) experienced a massive crash in mid-June, the crowd was extremely negative toward TRX for the next 5 weeks, and the price recovered. A similar pattern can be expected if extremely negative sentiment occurs again.
Santiment also points out that while the Uniswap price has been recovering despite the general optimism, this isn’t the most encouraging sign if we’re looking for a full UNI recovery back to April prices and beyond.
Similarly, The Graph (GRT) has had a relatively quiet year, but it experienced its highest spike of 2022 at the end of September. Currently, it is experiencing higher-than-average sentiment. According to the findings, GRT would be well-positioned if it maintained the negative sentiment pattern that prevailed in August and most of September.
Throughout 2022, there has been a negative crowd sentiment for Hex(HEX). However, the crypto community has been more positive about the asset this week than it has been since early May, which could be disappointing for those who have been waiting for a HEX recovery.
People are wondering which coin to bet on next and when the next altcoin season will be in the bear tide, while Santiment data shows how community sentiment affects the altcoins inversely.
