Solana Surges Past $100 After Network Outage
Solana (SOL), the fifth-largest cryptocurrency, has rebounded from a previous drop caused by a network outage and surged past $100. Despite the criticism following the outage, SOL bulls have managed to push the coin to $105, marking a 5% increase in seven days.
Positive Performance of SOL and ADA
SOL and Cardano (ADA) are currently two of the top-performing coins this week, with most holders seeing gains.
Potential Further Gains for SOL
Trader and analyst Wick has hinted at potential further gains for SOL. Wick observed similarities in chart patterns reminiscent of those observed in October and December, which preceded substantial market shifts.
“Solana is showing signs of a shaded squeeze area. This typically indicates a forthcoming significant movement.”
Successful Airdrops Boost Solana’s Ecosystem
Solana’s recent network outage led to successful airdrops, attracting a considerable number of users and capital to the network. The protocol launched a three-day airdrop for the WEN token, with 600,000 wallets participating. This success served as a blueprint for Jupiter’s next strategy, the JUP token airdrop, which distributed $700 million worth of coins to approximately 900,000 wallet addresses on January 31.
Solana’s Total Value Locked (TVL) is currently at $1.74 billion, signaling the recovery of its DeFi ecosystem as interest flows back into the blockchain.
Potential for Growth
While Solana’s surge is noteworthy, there is still room for growth. The TVL reached its peak at $10 billion in November 2021 and dropped to a low of $210 million in January 2023.
Hot Take: Solana Continues to Rebound and Shows Potential
Solana’s recent surge past $100, despite a network outage, indicates its resilience and potential for further growth. With positive performance and successful airdrops boosting its ecosystem, Solana is attracting more users and capital. The similarities in chart patterns observed by trader Wick suggest the possibility of significant market movements. As interest flows back into the blockchain, Solana’s Total Value Locked (TVL) has increased significantly. While there is still room for growth, the current rebound is a promising sign for SOL holders.
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