Solana investors are starting their day on a positive note as the cryptocurrency’s value has surged by 6%, marking a notable rebound from a recent network outage that temporarily halted blockchain operations. This resurgence is reflective of a broader uptrend in the cryptocurrency market, with Bitcoin, the leading digital currency, experiencing a 4% increase in value over the past 24 hours.
Solana makes significant gains post-network outage
The recovery of SOL holds significant importance for its holders, offering a much-needed respite following a major network disruption that occurred after nearly a year of uninterrupted operation. The price of its native token, SOL, has climbed from $95.35 to its current level of $101.3, indicating a robust bounce back.
Notably, SOL has surpassed the average price of the last 10 days, a positive signal for bullish traders. The cryptocurrency hit a weekly low of $93 on Tuesday but has since rallied, reaching a peak of $102 earlier today. Since January 23, when Solana was trading at $78, the token has exhibited an overall bullish trend. Following the dip, SOL managed to regain momentum, surpassing both the average price of the last 55 days and the price of the last 10 days.
Despite trading sideways in recent days, SOL has been striving to break the psychological barrier of $100, a resistance level that is being tested today. While indicators suggest that bulls are in control, their dominance is not yet strong enough to prompt visions of extravagant purchases.
Market analysts and experts remain optimistic about its prospects. Arthur Hayes, a prominent figure in the cryptocurrency space, has expressed support for Solana, indicating that now is the time to re-enter the Solana market. This optimism is fueled in part by Solana’s recovery following a major bearish trend triggered by the collapse of FTX.
Analysts remain bullish on the token’s prospects
Sam Bankman-Fried, the founder of FTX and a staunch supporter of Solana, played a significant role in promoting the blockchain within the crypto community. The broader cryptocurrency market is also witnessing an upward trajectory, with the total market capitalization of all cryptocurrencies increasing by more than 3% to $1.79 trillion.
If this momentum persists and the market cap surpasses $2 trillion, it would mark the highest level since April 2022. Among the top 10 cryptocurrencies by market capitalization, Cardano and Solana have experienced the most significant gains in the past 24 hours. Cardano’s value surged by 11.5% to $0.534, while Solana rose by 7.4% to $101.82.
Additionally, the newly launched DYM token, which was airdropped to SOL holders a few days ago, has seen a remarkable 26% increase in value over the past day, nearly doubling its initial trading price from Tuesday, according to CoinGecko.
Overall, the resurgence of Solana following a recent network outage underscores the resilience of the cryptocurrency market and reaffirms investor confidence in the long-term potential of blockchain technology. As Solana continues to navigate challenges and capitalize on opportunities, its performance will undoubtedly remain closely monitored by investors and analysts alike.
