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HomeCrypto NewsMarketXRP and Solana Among Cryptos Hit Hard by Negative Sentiment, Chance of Recovery?

XRP and Solana Among Cryptos Hit Hard by Negative Sentiment, Chance of Recovery?

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Santiment reports negative sentiment on top cryptos like Solana, and XRP, as bearish crowd narratives grow amid market downturn.

The latest data from market intelligence platform Santiment indicates a shift in crowd sentiment towards several top cryptocurrencies, including Solana (SOL), and XRP.

As the broader crypto market experiences a downturn, these assets have garnered some of the most negative crowd narratives. Per Santiment, historically, assets with bearish sentiment often see an eventual rise. 

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XRP Faces Uncertainty 

XRP, in particular, has been the subject of increased negativity, despite a slight price increase of 0.78% in a day. Notably, XRP’s trading volume has dropped by 14.87% over the past 24 hours, while its market capitalization remains at $30.13 billion. 

The sentiment weight for XRP currently stands at -0.33963, reflecting growing concerns among investors. These concerns stem largely from the legal case between the U.S. Securities and Exchange Commission (SEC) and Ripple. 

The SEC’s recent filing of a Notice of Appeal has introduced fresh uncertainty to the market, with investors monitoring the next steps in the case. The submission of the SEC’s docketing statement within the appeal window could lead to significant price fluctuations for XRP. 

Solana’s Bearish Sentiment 

Similarly, Solana (SOL) has witnessed a downturn in sentiment, with a weighted score of -0.400815. Over the past week, Solana’s price has declined by 1.19%, and its trading volume has decreased by 25.41%, totaling $1.54 billion. Despite these struggles, Solana maintains a strong market capitalization of $66.23 billion.

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The market sentiment surrounding Solana has been particularly negative, as traders remain cautious about the asset’s future. However, projections from a Standard Chartered executive offer some hope. The bank anticipates that Solana could outpace Ethereum (ETH) in the coming years, with a potential fivefold rise in SOL’s price.

LINK and ETH Also See Negative Sentiment

Beyond XRP and Solana, other top cryptocurrencies like Chainlink (LINK) and Ethereum (ETH) have also experienced significant bearish sentiment.

Chainlink holds the highest negative sentiment score among the top 20 cryptocurrencies, with a weighted score of -0.574032. LINK’s daily trading volume has dropped by 11.61%, bringing its total to $235.95 million, while its market cap remains stable at $6.65 billion.

Ethereum follows with a sentiment score of -0.476884. Despite a slight price increase of 0.10% over the past week, the crowd sentiment has turned negative. Ethereum’s price currently sits at $2,433.46, with a market cap of $292.94 billion.

Bitcoin and Other Cryptos Affected

Bitcoin (BTC), the largest cryptocurrency by market cap, has not been spared from the negative sentiment. With a score of -0.457617, Bitcoin’s price has only dropped by 0.65% over the past week, but its trading volume has seen a more significant drop of 19.38%, currently at $24.83 billion. 

Other notable assets experiencing bearish narratives include Optimism (OP), Polygon (MATIC), Sui (SUI), Cronos (CRO), Fantom (FTM), and Avalanche (AVAX). 

Majority of Assets See Bearish Sentiment

According to Santiment, approximately 52% of assets with market capitalizations above $1 billion are experiencing similar negative sentiment trends.

Following Santiment’s observation, a community member humorously compared Bitcoin’s performance in “Uptober” to the film “The Hunt for Red October.” Santiment responded, agreeing that overly mainstream narratives, like expecting October to always be bullish, can lead to market corrections driven by retail FOMO.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Brenda Mary
Brenda Mary
Brenda commits to producing excellent, well-optimized content to ensure consumer satisfaction. She has developed expertise in technical analysis and price forecasting of breaking blockchain news. Additionally, she enjoys engaging in stock markets and investing in cryptocurrencies.

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