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Solana holders are starting the day with a smile on their faces. SOL has made a 6% recovery, bouncing back from a debilitating network outage two days ago.
This bounce follows the bigger trend of a bull market within the overall cryptocurrency market, with Bitcoin, the leading cryptocurrency, up 4% over the past 24 hours.
The resurgence of Solana is particularly noteworthy for its holders, serving as a much-needed breath of fresh air after a major network outage rendered the blockchain temporarily inoperative. The network had gone almost a year without a major outage.
The price of SOL has risen from $95.35 to its current standing at $101.3, a movement that signals a strong rebound. That’s bolstered by the fact that SOL broke the average price of the last 10 days (an indicator known as EMA10)—a good sign among bullish traders. The cryptocurrency experienced its weekly low at $93 on Tuesday, with the highest peak reaching $102 earlier today.
The price has been bullish overall since January 23, when Solana was trading for $78. After that dip, the token was able to get back on its feet, and break both the average price of the last 55 days, and the price of the last 10 days.
Since then, the price has been trading sideways, trying to break past the psychological line of $100, a resistance that is being tested today. Other indicators show that bulls are in control, but not with enough dominance to start thinking about Lamborghinis.
Market analysts and experts are bullish on Solana's prospects. Arthur Hayes, a well-known figure in the cryptocurrency space, has recently voiced his support for Solana, suggesting that "it is time to get back into the Solana train." This optimism is partly due to Solana's recovery post the major bearish trend triggered by the collapse of FTX. Sam Bankman-Fried, the owner of FTX and a previously strong supporter of Solana, played a significant role in the blockchain's visibility in the crypto community.
The broader crypto market is also on an upward trajectory, with the market cap of all cryptocurrencies increasing by more than 3% to $1.79 trillion. If it can make it back to $2 trillion, that’ll be the highest it’s been since April 2022.
Among the top 10 cryptocurrencies by market cap, Cardano and Solana have led the gains in the past 24 hours, with Cardano up 11.5% to $0.534 and Solana rising by 7.4% to $101.82. Meanwhile, the newly launched DYM token (which was airdropped to SOL holders a few days ago) has seen a 26% increase in the past day, nearly doubling its initial trading price from Tuesday, according to CoinGecko.
Edited by Stacy Elliott.