{"id":218587,"date":"2022-02-22T03:00:38","date_gmt":"2022-02-21T21:30:38","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=218587"},"modified":"2022-02-21T17:06:00","modified_gmt":"2022-02-21T11:36:00","slug":"solana-can-social-euphoria-alone-do-the-trick-for-sol","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/solana-can-social-euphoria-alone-do-the-trick-for-sol\/","title":{"rendered":"Solana: Can social euphoria alone do the trick for SOL"},"content":{"rendered":"

Even though the market saw a green signal, Bitcoin and many other altcoins didn’t register skyrocketing rallies, unlike Solana. In fact, at one point, SOL was up by 12.37% from the lows of 20 February.<\/p>\n

However, at the time of writing, it was trading at just $94.22.<\/p>\n

Interestingly, a positive sentiment seems to be dominating the Solana blockchain right now.<\/p>\n

Solana goes around the world<\/strong><\/h4>\n

Solana is stretching itself to engage with more crypto-enthusiasts around the world. It has spread its wings in NYC, Bahamas, Hong Kong, and Prague, besides other places of importance.<\/p>\n

After stepping into Dubai on 20 February, SOL’s price pictured a stark rise on 21 February. Here, it’s worth noting that the recent uptick was also influenced by the broader market’s bullish cues.<\/p>\n

Consequently, the active downtrend which had been gaining dominance since 8 January lost its strength. Moreover, bullish signals can now be seen taking over the indicators.<\/p>\n

In the chart below, for instance, the Signal line is in accordance with the MACD line. However, the Average Directional Index (ADX) is below the threshold, which is a positive sign.<\/p>\n

\"\"<\/a>
Solana price action <\/em> | Source: TradingView – AMBCrypto<\/a><\/figcaption><\/figure>\n

Solana\u2019s performance has been rather exceptional this month. Its bridge with Ethereum, for the first time in almost a month, registered inflows for USDT last week. It is the second biggest asset on the bridge after USDC.<\/p>\n

What’s more, the overall net flows year to date peaked on 19 February at $64.7 million, despite the diminishing user count.<\/p>\n

\"\"<\/a>
Solana Ethereum bridge users and netflows <\/em> | Source: Dune – AMBCrypto<\/a><\/figcaption><\/figure>\n

However, if the longer timeframe is taken into consideration, Solana\u2019s disappointing performance forced investors to lose confidence in the asset.<\/p>\n

Social sentiment has been strictly negative for over three months now. A few spikes into the positive territory were observed towards the end of January and early February. Alas, they did not last for long.<\/p>\n

\"\"<\/a>
Solana investor sentiment <\/em> | Source: Santiment – AMBCrypto<\/a><\/figcaption><\/figure>\n

There was a 62% drop in market cap from $77 billion in November to $29 billion too. This resulted in Solana falling to the eighth position from #4. This is also one of the reasons why some investors are losing confidence in the altcoin.<\/p>\n

At the moment, the asset certainly doesn\u2019t seem to be very appealing because of its negative 2.58 risk-adjusted returns. But, the low volatility will certainly prevent the altcoin from any sudden plunges.<\/p>\n

\"\"<\/a>
Solana risk adjusted returns <\/em> | Source: Messari – AMBCrypto<\/a><\/figcaption><\/figure>\n

Solana does not have major network developments on the charts right now. Curiously, it has only its social factors to depend upon for a rally towards $100. Only time will tell if the Solana Hacker House World Tour can give SOL a boost.<\/p>\n","protected":false},"excerpt":{"rendered":"

Even though the market saw a green signal, Bitcoin and many other altcoins didn’t register skyrocketing rallies, unlike Solana. In fact, at one point, SOL was up by 12.37% from the lows of 20 February. However, at the time of writing, it was trading at just $94.22. Interestingly, a positive sentiment seems to be dominatingContinue reading “Solana: Can social euphoria alone do the trick for SOL”<\/span><\/a><\/p>\n","protected":false},"author":43,"featured_media":218613,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[],"class_list":["post-218587","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"\nSolana: Can social euphoria alone do the trick for SOL - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Solana is stretching itself to engage with more crypto-enthusiasts around the world. 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