Solana’s Long-Term Sentiment Has Been Struggling Lately

One particular measure of the sentiment surrounding solana recently fell to its lowest value of the year, according to data provided by The Tie.

Solana’s price has been struggling to gain any serious momentum in 2024, and the cryptocurrency’s technical outlook remains weak.

One particular measure of the sentiment surrounding solana recently fell to its lowest value of the year, according to data provided by The Tie.

The cryptocurrency’s long-term sentiment, which is measured by evaluating how positive (or negative) conversations on X (formerly Twitter) were in the last 50 days and then comparing it to posts made over the last 200 days, fell to 64.75 today, figures provided by The Tie reveal.

The image below illustrates this recent decline:

Solana’s long-term sentiment fell to 64.75 today.

Upon reaching this point, the digital asset’s long-term sentiment had fallen to its lowest value since December 22, 2023, Sacha Ghebali, SVP of Strategy, said via email.

Solana’s long-term sentiment originally fell to a 2024 over the weekend, when it reached 65.8 on Saturday, July 6.

The chart below illustrates these movements:

Solana’s long-term sentiment data 7.6.24

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The long-term sentiment measure has since declined further, falling below a reading of 65 today.

The recent weakness in market participants’ attitudes toward this digital currency may fit in with a broader trend, as additional figures from The Tie show that long-term sentiment has been gradually pushing lower since roughly March 24.

The chart below illustrates the aforementioned trend:

Solana’s long-term sentiment following a downward trend since March 24

Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether, EOS and SOL.