Solana Bounces Back with a 6% Recovery After Network Outage
Solana holders can breathe a sigh of relief as the cryptocurrency has made a strong recovery, bouncing back by 6% following a debilitating network outage just two days ago. This rebound aligns with the overall bull market in the cryptocurrency space, with Bitcoin also experiencing a 4% increase in the past 24 hours.
A Much-Needed Breath of Fresh Air for Solana Holders
The resurgence of Solana is particularly significant for its holders, who had to endure a major network outage that rendered the blockchain temporarily inoperative. Prior to this incident, Solana had been running smoothly without any major outages for almost a year.
Price Movement and Rebound of SOL
The price of SOL has risen from $95.35 to its current value of $101.3, indicating a strong rebound. Notably, SOL has broken the average price of the last 10 days (EMA10), which is considered a positive sign among bullish traders. On Tuesday, the cryptocurrency hit its weekly low at $93 but reached its highest peak at $102 earlier today.
Bullish Trend and Psychological Resistance
Since January 23, Solana has been experiencing an overall bullish trend after trading at $78. Despite some sideways movement, it managed to surpass both the average price of the last 55 days and the price of the last 10 days. However, it is currently testing the psychological resistance level of $100.
Optimism for Solana’s Prospects
Market analysts and experts are optimistic about Solana’s future. Arthur Hayes, a well-known figure in the cryptocurrency space, recently expressed support for Solana, suggesting that it’s time to invest in the cryptocurrency. This positive sentiment is partly due to Solana’s recovery following the bearish trend triggered by the collapse of FTX.
Overall Crypto Market and Cardano’s Rise
The broader cryptocurrency market is also on an upward trajectory, with the total market cap surpassing $1.79 trillion, a 3% increase. If it reaches $2 trillion, it will be the highest level since April 2022. Among the top 10 cryptocurrencies by market cap, Cardano and Solana have shown significant gains in the past 24 hours, with Cardano rising by 11.5% to $0.534 and Solana increasing by 7.4% to $101.82.
Hot Take: DYM Token Sees Impressive Growth
The recently launched DYM token, which was airdropped to SOL holders a few days ago, has experienced a remarkable 26% increase in just one day, nearly doubling its initial trading price from Tuesday, according to CoinGecko.
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