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Solana’s SOL Bounces Above $100 After Network Outage

February 10, 2024 | by stockcoin.net

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Solana’s native token, SOL, has experienced a bounce above $100 following a recent network outage. Despite the price drop caused by the outage, SOL has quickly recovered and is now coiling for its next impulsive move. This surge in price was accompanied by gains in Cardano’s ADA as well, as the crypto market received a boost from Bitcoin’s rally to four-week highs. SOL and ADA were the only cryptocurrencies in the CoinDesk 20 Index to outperform Bitcoin, indicating a bullish outlook for the broader altcoin market. Pseudonymous trader Wick even suggests that SOL may experience further gains, as it is currently forming a chart pattern that hints at an upcoming “extreme move.”

Solana’s native token SOL bounced above $100 after a network outage

Solana’s native token SOL experienced a significant price bounce, surpassing the $100 mark after a network outage. The recent outage had caused a drop in SOL’s price, but the token managed to recover and regain its previous levels. This bounce indicates a strong resurgence in investor confidence in Solana and its native token. Despite the network interruption, SOL has demonstrated resilience and is once again positioning itself for further market growth.

SOL is coiling for its next impulsive move

As SOL reclaimed the $100 level, market analysts are observing that the token is currently coiling for its next impulsive move. This suggests that SOL’s price is consolidating and building up momentum for a potential significant price surge. Traders and investors are closely monitoring the market conditions to identify the direction of this next move. The current price action is indicative of a potentially explosive movement in the near future.

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Solana’s SOL and Cardano’s ADA led Thursday gains

Solana’s SOL and Cardano’s ADA emerged as the top gainers on Thursday, surpassing other major cryptocurrencies in terms of price performance. Bitcoin’s rally to four-week highs above $45,000 played a crucial role in rejuvenating the overall crypto market. However, SOL and ADA stood out by recording even more substantial gains compared to Bitcoin. This strong performance highlights the growing popularity and adoption of Solana’s SOL and Cardano’s ADA tokens.

SOL reclaimed the $100 level after the network outage

After experiencing a brief price drop due to a network outage, SOL managed to reclaim the $100 level. This achievement signifies the resilience and strength of Solana’s native token. Despite the temporary setback caused by the outage, SOL quickly recovered and demonstrated its resilience in maintaining its value. Reclaiming the $100 level is a positive development for SOL and reflects investor confidence in the token’s long-term growth potential.

ADA rallied even more, posting a 7% advance

While SOL reclaimed the $100 level, Cardano’s ADA experienced an even more significant rally, posting a 7% advance. ADA’s strong performance indicates the growing demand and interest surrounding Cardano’s blockchain platform and its native token. The 7% advance showcases ADA’s capacity to outperform other major cryptocurrencies, further solidifying its position as a promising investment choice in the market.

SOL and ADA outperformed bitcoin’s daily advance

In addition to their individual rallies, both SOL and ADA managed to outperform Bitcoin’s daily advance. While Bitcoin recorded a 3% increase, SOL and ADA surpassed this percentage with their respective gains. This outperformance highlights the growing potential of altcoins to outshine Bitcoin in terms of price performance. Investors and traders are closely watching the market dynamics as altcoins like SOL and ADA continue to demonstrate their ability to generate higher returns compared to Bitcoin.

Wick suggests potential further gains for SOL

Prominent pseudonymous crypto trader, Wick, suggests that SOL may experience further gains based on its recent price action. The token is currently forming a chart pattern similar to previous instances before significant price movements. This pattern, known as a shaded squeeze area, often precedes an extreme move in the price. Wick’s observation indicates that SOL may be on the brink of another substantial price surge, enticing investors and traders to closely monitor its movement.

Outlook for the broader altcoin market looks bullish

Analyzing the broader altcoin market, market analyst Caleb Franzen notes that the outlook appears bullish. Following a reset of frothy sentiment from the previous year, altcoins are now showing signs of bouncing off oversold levels. Franzen specifically highlights the total market capitalization of cryptocurrencies excluding Bitcoin and Ethereum. This metric serves as a proxy for altcoins and indicates a potential resurgence in market demand for these assets. The bullish price action suggests that altcoins may exhibit strong growth and present attractive investment opportunities.

Disclosure and information about CoinDesk

CoinDesk is a leading media outlet that focuses on providing news and information about cryptocurrency, digital assets, and the future of money. The organization adheres to strict editorial policies and upholds the highest journalistic standards. In November 2023, CoinDesk was acquired by Bullish Group, which owns Bullish, a regulated institutional digital assets exchange. CoinDesk operates independently as a subsidiary, and an editorial committee is being formed to ensure journalistic integrity.

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