Solana: Can social euphoria alone do the trick for SOL

ambcrypto.com:

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 dominating the Solana blockchain right now.

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.

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.

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.

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.

Solana price action | Source: TradingView – AMBCrypto

Solana’s 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.

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

Solana Ethereum bridge users and netflows | Source: Dune – AMBCrypto

However, if the longer timeframe is taken into consideration, Solana’s disappointing performance forced investors to lose confidence in the asset.

Social sentiment has been strictly negative for