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Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- Feb 08, 2024 06:48 UTC
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SOL Price Explodes! Solana Outshines Bitcoin, Shatters 21-Month Downtrend
Solana outperformed Bitcoin in the recent price surge.
The outage on Monday caused concern, but it ended up being a local bottom.
The fear uncertainty and doubt (FUD) fueled the price rebound.
The week unfolded with a burst of positivity in the market, as Bitcoin staged a robust comeback, soaring to an impressive $44,780 within the last 24 hours. This resurgence set the stage for major altcoins, with Solana emerging as the standout performer, surging beyond $102 and outclassing Bitcoin.
Dive deeper and discover the secrets behind Solana’s sensational surge, and why some experts believe it’s just getting started.
Solana Steals the Spotlight
In a recent report by the esteemed blockchain analytics firm Santiment, the cryptocurrency landscape unveiled captivating insights. The report spotlighted Solana (SOL), a seasoned altcoin that has unexpectedly stolen the thunder from the leading cryptocurrency, Bitcoin.
Santiment’s in-depth analysis honed in on the SOL/BTC pairing, uncovering a bullish trend that shattered a 21-month-long downward trajectory. This breakout holds particular significance, attributed to the substantial buying power witnessed over the past 36 hours, culminating in a noteworthy +4.5% positive gain.
Read More: Solana Price Prediction: SOL Price Crosses $100, Ready For 50% Hike
A Comeback to Remember
The shift in market sentiment, highlighted by Santiment, catapulted Solana into a realm where it significantly outpaced Bitcoin. Post-breakout, Solana showcased an impressive 140% gain against Bitcoin, marking a substantial paradigm shift in favor of the altcoin.
Solana Technical Analysis
This transition in market sentiment has been a game-changer for Solana, firmly establishing its dominance over Bitcoin.
Currently, Solana (SOL) is experiencing a notable uptick, hovering at $101.5 with a 5.87% increase in the last 24 hours. This surge follows a robust breakout above the local support level of $94.92. If buyers can maintain this momentum throughout the day, there’s a tantalizing possibility of Solana reaching the coveted $125 mark in the near future.
Did You Know? Solana Down! Blockchain Outage Halts DeFi Activity, SOL Price Dips
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