- The price of SOL surged 5.86% this week, with its social dominance hitting a high of over 3.8%.
- ARB’s social volume remained low, dropping to 0.09%, with the token trading below its key moving averages.
This week, Solana (SOL) saw a significant price increase and a surge in social dominance. on the other wayArbitrum (ARB) and other L2 assets have seen significant declines on the social volume and price action front.
Needless to say, this has created a contrasting narrative between these blockchain ecosystems.
Solana and Arbitrum look at different social scales.
According to Santiment, Solana and Arbitrum’s social volumes have followed different paths over the past few days. for example, Solana has seen significant growth this week, with social volume increasing by more than 3% on two occasions.
On October 13th, social volume surged by 3.8%. Another surge of 3.6% followed on October 17th.
This indicates that SOL dominated more than 3% of all cryptocurrency-related discussions during this week.
However, it’s worth pointing out that at press time, Solana’s social scale has decreased slightly, to around 2.7%.
Source: Santiment
Meanwhile, ARB’s social volume remained relatively low. There was a slight spike, but on the same day SOL peaked at 3.8%, peaking at 1.4%.
At the time of writing, Arbitrum’s social dominance has fallen further to around 0.09%.
Solana vs Arbitrum price trend comparison
Looking at the daily price chart, we see that Solana has been on an upward trend for the past few weeks. For example, tDuring the week, the price of SOL surged to a high of $163.14, representing an increase of 5.86% from the most recent low.
At press time, the price was above the 50-day moving average (MA) of $142.25 and the 200-day MA of $150.71. This highlighted both short-term and long-term bullish trends in altcoins.
Source: TradingView
Additionally, SOL’s breakouts of these key moving averages and the neutral Relative Strength Index (RSI) suggested that further upward momentum is possible.
Arbitrum, on the other hand, has had much less upward momentum and has only consolidated within a narrow range over the past few weeks. It remained below the 50-day MA of $0.5497 and the 200-day MA of $0.8111. This suggests a bearish trend in the medium term.
The 200-day MA was also well above the price at press time, and the 50-day MA was slightly above that.
Source: TradingView
Future prospects of SOL and ARB
Solana was in a stronger position than Arbitrum this week. The token breaking the key moving averages and the RSI getting close to the overbought zone indicates that buyers are in control and Solana is more likely to continue its upward trend.
In contrast, Arbitrum remained in integrated mode. It’s starting to show signs of recovery, but doesn’t have the bullish momentum that Solana has shown.
ARB needs to break above the 50-day MA to attract more buyers and signal a stronger move.
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That is, in situations where ARBs receive less attention due to their low social dominance, they can provide greater returns once they start pumping.
Historically, when major coins like SOL have already made big gains, traders often shift their focus to lesser-known assets like ARB. This could spur a potential price spike on the charts.