Rising Crypto Market Boosts Investor Spirits as Solana Gains Value

The recent surge in the cryptocurrency sector has pleased investors over the past few days. With the resurgence of the upward trend led by Bitcoin (BTC), its price surpassed the $46,000 level. During this period, Solana’s (SOL) market value also saw an increase of 2 billion dollars in a single day. According to the latest data provided by the crypto analysis platform CMC on February 9th, Solana’s market value rose from $44.23 billion to $46.19 billion in just 24 hours. This situation indicated a value increase of 1.96 billion dollars within the same timeframe.

Solana Price Analysis

As of this writing, Solana continues to find buyers above the critical psychological level of $100, currently trading at $105.91, revealing a gain of 4.4% in the last 24 hours. A 5.18% increase over the previous seven days has pleased investors, and there has also been a 7.9% increase on the monthly chart.

An examination of the cryptocurrency market in terms of volume shows that SOL, currently the fifth-largest asset, has experienced a significant rise in activity, which occurred after this year’s first network outage at the beginning of the week.

On the Solana side, this was not limited to just a price recovery; it also indicated an even stronger progression.

Current Performance of Solana

According to analysts at the crypto and blockchain analysis platform Santiment, Solana was one of the few altcoins that performed better than Bitcoin this week. The network outage on Monday also served as a local bottom, as the “FUD” spurred this price recovery, as revealed by a transaction on February 8th.

In recent days, cryptocurrency investor Jelle noted the similarities between the movements of Solana and Ethereum (ETH) in 2020, suggesting that the scenario seen with ETH could also occur with SOL, potentially surpassing $1,000 in a few months.

Considering all these factors, it appears that Solana is moving in parallel with the general activity in the crypto market. However, it’s important to remember the highly volatile nature of the cryptocurrency sector.