The cryptocurrency market recently witnessed a significant surge, with Solana‘s (SOL) value rising notably. In the last 24 hours, the market as a whole saw a 3.5% uptick, and SOL’s price jumped by 6.58%, reaching $101.73, with a market capitalization of $44.4 billion.
Solana’s Remarkable Market Performance
Solana has demonstrated exceptional growth, outshining Bitcoin in recent days. With the price of SOL climbing above $102, the cryptocurrency has bolstered investor optimism. This leap forward is backed by on-chain data from Santiment, highlighting SOL’s robust position among alternative cryptocurrencies.
SOL’s trading pair with Bitcoin (SOL/BTC) has seen a sharp 4.5% climb in 36 hours, a movement that has been welcomed by SOL’s investment community. This rally came on the heels of a network outage, which initially sparked worries among traders but eventually set the stage for a price rebound.
Initially, the outage, which lasted five hours and was caused by issues with the Berkeley Packet Filter loader, created a wave of fear, uncertainty, and doubt. However, the developers responded with a network upgrade to v1.17.20. After validators repaired the issue, the network resumed, continuing to process transactions.
Future Outlook for Solana
Solana’s blockchain recently hit a peak with the highest ever number of active addresses since its 2020 launch, boasting 875,940 users. Although a slight dip in network activity was observed at the beginning of February, the layer-1 network’s robust usage figures signal a strong foundation. Should SOL break through the key resistance at $110, analysts predict a possible surge, with the potential to reach up to $170—a 50% increase from its current levels.