Solana, renowned for its high-speed transactions, recently experienced a network halt that directly impacted its SOL price and hit a low of $93.43 on February 6, 2024. However, the network halt and following SOL price dip have raised concerns among both traders and investors. Despite these major concerns, Solana performed exceptionally well in the last 24 hours and outperformed Bitcoin.
Solana outperformed Bitcoin following major setback
Despite concerns among traders due to an outage earlier this week, it turned out to be a temporary dip. Recently, SOL experienced a significant 5.3% increase in the last 24 hours, whereas the world’s largest cryptocurrency only saw a 3.5% upside move. Examining the performance of SOL highlights that it is the only altcoin that outperforms Bitcoin, despite the major setbacks Solana experienced this week.
According to the Santiment an on-chain analytic firm, in the last 36 hours, the Solana/Bitcoin ratio has increased by 4.5%, contributing to the rebound in Solana’s price. The initial fears (FUD) about the outage helped the price bounce back.
Currently, Solana’s SOL is trading near $100.5, and in the last 24 hours, it experienced over a 5.3% upside momentum. If we look at SOL following the major setback, in the last 7 days, it experienced over a 6.5% upside momentum, whereas in the last 30 days, SOL experienced over 13% of upside momentum.
If we examine the price performance of SOL in the last 30 days and 7 days, it had outperformed Bitcoin. However, recently Bitcoin also experienced a breakout of inverted head and shoulder patterns, and in the coming days, it might also gain bullish momentum.
Solana technical analysis and upcoming levels
According to expert technical analysis, as of writing, Solana is experiencing strong resistance at $102, causing Solana to surge further. However, following the breakout of the bullish flag, Solana is still trying to break the resistance level it attempted on January 30, 2024.
On a daily timeframe, SOL, in addition to its bullish flag, has also formed an inverted head and shoulder pattern. If SOL breaks the neckline or the $102 resistance level, we may see a rise to $110 in the coming days, followed by a new 52-week high of $135.
In 2023, SOL garnered significant attention from investors and traders as its price surged by more than 1000%. The recent price dip and market fall are just part of a price correction. If the weekly candle of SOL closes above $106, then in the coming days, we may witness a price surge up to the $135 level.
