After bottoming in early May 2014, the Global X Social Media Index ETF (NasdaqGM: SOCL) proceeded to rally nearly 20% through Sept. 11, 2014, but after that, the lone dedicated social media exchange traded fund has done little worth remembering.

Actually, SOCL’s performance since last September has been largely forgettable as the ETF has tumbled 9%. However, there are signs the social media ETF is starting to perk up and it could be on the verge of a technical breakout, indicating SOCL’s 1.1% gain over the past month could be just the start of something significant. Dedicated Internet equity exchange traded funds are rebounding in fine form this year after being market laggards in 2015. [Social Media ETF Looks for New Bull Market]

“Since booming in the back half of 2013, SOCL has been consolidating in a symmetrical triangle formation. While the broader U.S. equities market has been marching to unseen heights, SOCL remains well off its peak. With the apex of the triangle looming a breakout should be coming sooner than later,” writes Tyler Craig for InvestorPlace.

While that is a bullish prognosis, SOCL’s modest rally needs some confirmation from its marquee holdings and some of those stocks are not yet contributing in notable fashion to a legitimate move higher for the ETF. For example, Tencent Holdings (OTC: TCEHY) and Facebook (NasdaqGS: FB), a combined 21.7% of the ETF’s weight, are up an average of just 1% over the past month.

LinkedIn (NYSE: LNKD), SOCL’s largest holding at a weight of 13.5%, has been doing most of the heavy lifting for the ETF, surging nearly 14% over the past month.

“As the largest holding in the SOCL ETF, LinkedIn stock has been one of the best performers in the space. The last three earnings announcements have resulted in large up-gaps in LNKD, propelling its uptrend to new heights quarter after quarter. Since it’s latest earnings jump LNKD stock has been treading water just under its all-time high at $274. The digestion has been healthy allowing the stock to build a based for its next advance,” according to InvestorPlace.

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