Solana Shows Strong Recovery, Outperforms Bitcoin
Solana (SOL) has seen a significant surge in value compared to Bitcoin, indicating a rebound in investor confidence. The SOL/BTC pair has experienced a 4.5% increase in the past 36 hours, following an outage that initially worried traders. However, this outage turned out to be a local bottom, with the fear and uncertainty serving as a catalyst for the subsequent price rebound.
Earlier this week, Solana experienced a massive 5-hour outage due to a malfunction in the BPF loader. Developers have since resolved the issue by reworking the BPF code lines on the development network.
On-chain Indicators and SOL Price Prediction
In January, Solana recorded its highest number of active users on the layer-1 network since its inception. However, network activity has declined in the first week of February and was further affected by the recent outage. Despite this, if the SOL price manages to breach the major resistance level of $110, it could see another 50% rally up to $170.
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