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Following last night’s surge in the cryptocurrency market, there was a 3.5% increase in 24 hours, leading to a remarkable recovery. During this period, Solana surpassed the $100 level, achieving significant gains. As of the time of writing, the SOL price has increased by 6.58% and is currently finding buyers at the level of $101.73 with a market value of $44.4 billion.
Solana Outperforms Bitcoin
According to on-chain data provided by Santiment, Solana (SOL) has displayed one of the most striking performances among altcoins in the last four days and has seen a noticeable rise compared to Bitcoin. SOL has risen above the $102 level during this period, triggering an increase in investor confidence.
In the past 36 hours, the SOL/BTC trading pair has experienced a significant increase of 4.5%, which has been positively received by SOL investors. This increase occurred after a network outage earlier in the week that had caused concern among traders.
While all this was happening, what was initially interpreted as a concerning situation for Solana, the fear, uncertainty, and doubt (FUD) surrounding the outage reflected on the charts as a trigger for the subsequent price recovery and became a periodic low.
In recent days (Tuesday, February 6), the Solana blockchain network faced a 5-hour outage that unsettled its investors. Later, developers released an upgrade to v1.17.20, and after the issue was resolved by validator operators, the network was restarted and the blockchain continued production.
The outage was the result of a problem with the Berkeley Packet Filter (BPF) loader, which is responsible for deploying, upgrading, and executing programs on the Solana network. During the resolution process, updates were made to the BPF-related codes on the development network.
SOL Price Prediction
On January 31, the Solana blockchain reached the highest number of active addresses in its layer-1 network since its inception in 2020, with this number indicating 875,940 users. Additionally, according to data provided by Token Terminal, there was a slight decline in network activity in the first week of February.
Moreover, network activity may have been somewhat affected during the outage event. In the event of an upward movement, the main resistance level for Solana is seen at $110. If SOL can potentially surpass this level, a further 50% rally up to $170 could emerge.
