Solana, BOME Buzz On Social Media Despite Price Plunge: What's Going On?

Solana’s native token, SOL SOL/USD, along with The Book of Meme BOME/USD, a meme coin developed on the Solana blockchain, has seen a spike in attention within the crypto community on social media platforms. 

What Happened: According to social analytics firm Santiment, these tokens have dominated discussions across various networks.

Santiment in a post wrote, “$BOME and $SOL are the top two trending assets across X [formerly Twitter], Reddit, Telegram, and 4Chan due to their outperforming the markets as of late. The crowd continues to regard Solana and associated meme coins as viable alternatives to Ethereum-based projects.”

Following its launch on March 10, BOME witnessed an 82% surge in price. On March 16, cryptocurrency exchange Binance added BOME perpetual futures to its platform.

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Santiment tracked a significant rise in mentions of “SOL” on social media, totaling 322 mentions. This buzz mirrors a similar spike from late December when the cryptocurrency’s value hit $125, eventually declining to $85.

Current data from Google Trends shows that interest in “Solana” has hit a score of 100 globally.

This comes with a surge in trading activity for meme coins on the Solana network. Data provided by DefiLlama showed that decentralized exchange (DEX) volume on Solana reached a record $3.802 billion on Saturday.

Why It Matters: On March 16, BOME experienced a price correction, leading to a nearly 50% decrease within 24 hours. Concurrently, investor sentiment seemed to tilt towards selling.

On the technical side, the Relative Strength Index (RSI) on the 30-minute chart revealed signs of bullish momentum, crossing back over the neutral 50 mark on Sunday. However, despite this positive price action, the On-Balance Volume (OBV) has been on a downward trend over the last 36 hours, which means that selling pressure persists and buyers are yet to take control.

Price Action: At the time of writing, the price of BOME was $0.015 down 22.82% in the last 24 hours, according to Benzinga Pro.

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