Solana Tweet Volume Increases as Crypto Users Seek Lower Gas Fees
Tweet volume surrounding Solana has increased as crypto users seek lower gas feesSolana’s tweet volume has continued to rise despite the implementation of Ethereum’s Berlin forkThe cumulative trade volume on Solana in 2021 has reached $40 BillionSolana (SOL) has printed what looks like a bull-flag on the daily chart that could open the doors to new highs
Tweet volume surrounding the project and digital asset of Solana (SOL) has seen an uptick as crypto users seek for platforms with lower gas fees.
According to an analysis by the team at The Tie, Twitter conversations on Solana (SOL) have continued to rise despite the recent implementation of Ethereum‘s recent Berlin upgrade. The team at The Tie explained this phenomenon through the following statement and accompanying chart.
Tweet volume surrounding the @solana ecosystem increased as users tried to find an alternative to high gas fees on Ethereum. However, it is worth noting that Solana conversations continued to soar even as gas fees temporarily plummeted following the Berlin fork.
Solana Trade Volume Hits $40 Billion in 2021
The team at The Tie went on to highlight that the Solana blockchain has reached a cumulative trade volume of $40 Billion since the year began. They shared their observation of Solana through the following tweet.
$SOL has reached $40B in cumulative trading volume so far in 2021 ? pic.twitter.com/zFC8SOZGaf
— The TIE (@TheTIEIO) May 15, 2021
Solana (SOL) Prints a Possible Bull Flag, Opening the Doors to More Gains
With respect to price action, Solana has printed what looks like a bull flag as seen in the daily SOL/USDT chart below.
From the chart, it can be observed that Solana has had an impressive run since the beginning of the year. Its daily MACD points to an ongoing correction from the recent high of $49.99. The daily RSI and MFI also point towards a similar trajectory.
However, the selling of Solana has reduced as seen through the diminishing trade volume. Therefore, Solana could be undergoing a consolidation phase similar to the one it went through around the $13 price area and before it shot to $30.
To note is that Bitcoin is currently undergoing considerable selling pressure and the aforementioned bull-flag could be invalidated by a BTC drop below $46k. If this were to happen, Solana will most likely battle to maintain the $36.50 price area as support. This area also coincides with the trajectory of the 50-day moving average (white) as seen in the chart above.