Despite a major network outage, Solana (SOL) surged by 6.56% in the last 24 hours, trading at $101.
Solana’s DEX ranked second after Ethereum, with a TVL of $1.74B and $6.25M in trading volume.
Solana (SOL) bounces back with resilience following a temporary network outage on February 6th, reassuring investors as the cryptocurrency gains 6.56% in the past 24 hours, trading at $101 with a market cap of $44.3 billion. Additionally, the daily trading volume for SOL surged over 17% to reach $1.95 billion.
Despite concerns sparked by the outage, which lasted around 5 hours, SOL traders remain undeterred, driving the altcoin’s price above $102, outperforming Bitcoin for the week. Will Solana maintain its current trend?
Solana (SOL) is on the Rise
In recent months, Solana has experienced significant growth, attracting $13.4 million in inflows into SOL investment products, surpassing Ethereum and Avalanche. Last week also saw a notable influx of $707.8 million into crypto products, elevating the global assets under management to $53 billion.
Solana (SOL) TVL (Source: DefiLlama)
Further, Solana’s decentralized exchange volume maintains its prominence, ranking second to Ethereum with $7.31.53 million in volume and a Total Value Lock (TVL) of $1.74 billion as of February 8th, according to data from DefiLlama.
Looking ahead, if the current upward trend persists, SOL could encounter resistance at $121.14, potentially triggering a rally toward $155.36 and even $187.76. Conversely, a reversal in the trend could see SOL testing support levels at $81.14 and potentially declining further towards $47.79.
Moreover, the global cryptocurrency market reflects positivity, with the total market cap climbing 3.42% to $1.7 trillion.