The cryptocurrency market has been on the rebound, with Solana (SOL) leading the charge by surging past $100. At present, SOL is trading at $101.73 with a market cap of $44.4 billion, marking a 6.58% gain in the last 24 hours.
According to on-chain data provided by Santiment, Solana has outperformed Bitcoin, showcasing a notable surge in value. The SOL/BTC pair has experienced a significant increase of 4.5% over the past 36 hours, reflecting a resurgence in investor confidence. This comes in the wake of a recent outage that caused concerns among traders. Despite initial worries, the outage actually served as a catalyst for the subsequent price rebound, indicating a strong comeback for SOL.
Earlier in the week, the Solana blockchain network faced a significant outage for 5 hours, attributed to a malfunction in the BPF loader responsible for deploying, upgrading, and executing programs on the Solana network. This issue was resolved as developers released an upgrade to v1.17.20 and restarted the cluster by validator operators.
Despite the outage, Solana has shown resilience, with its highest number of active users on the layer-1 network since its inception in 2020. However, data from Token Terminal indicates a decline in network activity in the first week of February, further impacted by the outage episode.
Looking ahead, the major resistance level for Solana is at $110. If the SOL price manages to breach this level, it could potentially stage another 50% rally all the way to $170.
Overall, the recent performance of SOL and its rebound from the outage episode indicate a renewed sense of confidence and potential for further growth in the cryptocurrency market. It is evident that Solana has emerged as a standout performer among altcoins, showcasing its resilience and strong recovery. As always, investors and enthusiasts will be closely monitoring Solana’s price trajectory for potential investment opportunities.