Does anyone know any tool or set of tools that could allow me to evaluate how much hype is a project achieving across different social platforms and media? I would be looking for something easy, automated and not too expensive.
You can go to markets tab from coinmarketcap and you can check daily trade volume of that coin. If the trade volume is low, but the price rate is upwards dramatically, you can think it may be a hype.
I think your suggestion is quite correct. The strength of any given price movement is measured basically by the volume. A 50% rise in altcoin price may not be quite relevant at all if it occurs with a little volume. For example suppose that the price of an altcoin jumps 5% in one trading day after being in a long term downtrend, is not a direct indication of a reversal of the long trend. All depends on whether there's a substantial amount of volume behind the move. If the volume was below average,there is a likelihood that the price movement was a fluke and the downtrend will likely continue. On the other hand if the altcoin volume was significantly higher than average then it could be the start of a reversal. Also in addition to single day moves,the trend in volume of trading of altcoins over time can be related to price trends to determine if an altcoin is gaining or losing momentum. For example an altcoin that has being trending higher with a declining volume means it's losing momentum and you may be on the lookout for a reversal and perhaps reduce or sell your position in preparation.