Solana Shows Strength Despite Network Outage, Says Santiment
Crypto analytics firm Santiment remains optimistic about Solana (SOL), even after the recent network outage experienced by the Ethereum (ETH) competitor. The Solana mainnet was offline for five hours earlier this week, causing disruptions in the network. However, the issue has since been resolved.
As a result of the outage, crypto exchange UpBit temporarily suspended deposits and withdrawals of SOL and SOL-based altcoins. This led to a drop in SOL’s price, hitting a seven-day low of $93.10 before recovering. Currently, SOL is trading at $103.03, showing a 1.95% increase over the past 24 hours.
Solana Outperforms Bitcoin
Santiment highlights that Solana is one of the few altcoins that has outperformed Bitcoin this week, with SOL/BTC surging by 4.5% in the past 36 hours.
Despite the network outage affecting Solana’s development activity, Santiment believes that the fear, uncertainty, and doubt (FUD) surrounding the project turned out to be beneficial. The FUD actually fueled a price rebound for the smart contract platform.
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