According to cryptocurrency data provider Santiment, Solana (SOL) is one of the few altcoins outperforming Bitcoin this week. In addition, the price is already up by 6% today. In a tweet, Santiment stated:
Source: Santiment – Start using it today
“Solana is one of the few #altcoins outperforming #Bitcoin this week, surging back above $102. In the past 36 hours, $SOL / $BTC is +4.5%. The outage that concerned traders Monday ended up being a local bottom, with the #FUD fueling this price rebound.”
This suggests that the recent outage in the Solana network on Monday, which had concerned some traders, ended up marking a bottom price, at around $95, from which the cryptocurrency has rebounded. The fear, uncertainty, and doubt (FUD) around the outage seem to have fueled a 4.5% price increase for SOL against Bitcoin in the past 36 hours.
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Show more +Bullish Technical Analysis Across All Timeframes
According to an analysis from AltFIns, a crypto analytics firm, Solana’s price action currently looks bullish across short-, medium- and long-term timeframes.
Source: altFINS – Start using it today
The analysis states that there is a bullish breakout setup from a descending channel pattern, which needs confirmation by a break above the $100 resistance level. If confirmed, the pattern suggests SOL could see 25% upside potential back towards $125. A stop loss is recommended at $93 in case the breakout fails.
Additionally, the overall trend across all timeframes remains in an uptrend. While momentum indicators are mixed, with a bullish MACD but neutral RSI, support zones exist around $80 and $65, while resistance sits at $100 (which has now turned to support) and $125. If the price, which is currently at $101 is to go to the next resistance, then it means that there is still much room to run.
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