Why Is Solana (SOL) Price Up?

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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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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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.

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