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- Solana’s price surged past $100 amid Bitcoin’s rally, sparking investor interest.
- Market experts remain bullish on SOL’s prospects, with indicators pointing towards potential further gains.
Solana’s price has recently witnessed a surge in buying interest, riding on the back of Bitcoin’s rally past $43,300. This surge has led to a wave of short liquidations across the market, with Solana rebounding strongly from a critical support level, now holding above the $100 mark. The upward movement has restored investor confidence in the token’s performance.
Price Rebound
As Solana (SOL) recovers from a recent network failure, its holders are waking up to good news. SOL is trading at $105.29 after rising 4.27%, indicating a solid recovery from its loss three days ago. This recovery is bolstered by SOL breaking the average price of the last 10 days, indicating positive sentiment among bullish traders. Since January 23, SOL has been on an upward trajectory, recovering from a dip when it was trading at $78.
SOL’s price has experienced a remarkable increase, going from $95.35 to $101.3. With SOL breaking the average price over the previous 10 days (EMA10), this development indicates a strong rebound for the cryptocurrency. SOL showed resilience by rising to a peak of $102 earlier today, even though it had experienced a weekly low of $93 on Tuesday.
SOL’s rebound reflects a more general bullish trend in the cryptocurrency industry. Over the last day, the value of the most popular cryptocurrency, Bitcoin, has also increased by 3.95%. Investors are relieved to see SOL rising again, particularly in light of the crippling network outage that was briefly unable to access the blockchain. Solana has not seen a major outage for about a year; thus, the interruption caused a severe disturbance.
Expert Opinions and Market Outlook
Renowned pseudonymous cryptocurrency trader Wick indicated that SOL would see more gains after a pattern on the chart resembled big price moves in October and December last year. Wick’s discovery of a “shaded squeeze area” often heralds an impending extreme price movement, indicating the potential for an “extreme move incoming.”
Solana printing a shaded squeeze area. This usually warns up of an extreme move incoming!
This is max pain move on Solana as everyone put on shorts while the chain was down. I tried to warn everyone to stay bullish 💯
LFG 🟢🟢🟢 pic.twitter.com/bFGS70GxVg
— Wick (@ZeroHedge_) February 8, 2024
SOL and Bitcoin headed the current market surge, but the altcoin market has also shown signs of optimism. Cubic Analytics founder Caleb Franzen expressed optimism about altcoins, blaming it on the reversal of euphoric sentiment that occurred towards the end of the previous year.
Franzen brought up that the whole market capitalization of cryptocurrencies, which does not include Ethereum and Bitcoin (TOTAL.3), appears to be recovering from oversold levels as it recently retested a significant accumulation zone. According to Franzen, the recovery in the market capitalization of altcoins is positive and suggests that investors generally favor altcoin investments.
$TOTAL.3 broke above the accumulation zone, retested it, and is now showing signs of rebounding.
This seems like bullish price action… because it is!
The 30-day Williams%R Oscillator became oversold (briefly), proving the fact that sentiment in the altcoin universe was reset. pic.twitter.com/dosQb9mweb
— Caleb Franzen (@CalebFranzen) February 8, 2024
Prominent cryptocurrency analyst Arthur Hayes recently endorsed Solana and encouraged investors to think about reentering the SOL market. Hayes’ support is based on Solana’s impressive comeback from a significant bearish trend set off by the FTX collapse. Hayes’s positive outlook for Solana’s future indicates his increasing confidence in the platform’s tenacity and expansion potential.
