Solana experienced a recent network outage. This outage led to a drop in the price of its native token, SOL. However, the altcoin erased these losses and rose above $ 100. Crypto analytics platform Santiment noted Solana’s performance. Analysts note that the broader altcoin market is also showing signs of recovery from oversold levels.
Solana stood out by outperforming Bitcoin
cryptokoin.comAs you follow from, Bitcoin (BTC) rose to four-week highs above $46,000. Thus, the crypto market started to revive. Solana (SOL) and Cardano (ADA) led the gains among major cryptocurrencies.
SOL, the fifth-largest token by market cap, erased the price drop and regained the $100 level when the Solana network experienced a five-hour outage. It changed hands at $104.5, up 3.5% in the last 24 hours. ADA rose even further, advancing 4.6% over the same period. Analytics platform Santiment pointed out that Solana is outperforming Bitcoin:
Solana is one of the few altcoins to outperform Bitcoin this week, rising above $102. SOL/BTC +4.5% in the last 36 hours. The outage that worried traders on Monday was a local bottom, with FUD fueling this price recovery.
Analyst: Altcoin is preparing for its next impulsive move!
SOL and ADA were the only cryptocurrencies that managed to outperform Bitcoin’s daily advance on the broad market CoinDesk 20 Index. Wick, a crypto analyst and trader with a large following, is hopeful about SOL. In this regard, the analyst suggests that there will be more gains for SOL. Pointing to the recent price movement, the altcoin is in the process of forming a chart pattern similar to the one seen in October and December before major moves. In this context, Wick makes the following statement:
Solana prints a shaded ‘squeeze’ area. This often warns that extreme action is coming! This is the maximum pain move on Solana as everyone goes short while the blockchain is down. I tried to warn everyone to stay bullish.
“Altcoin market shows signs of rebound!”
Caleb Franzen, founder of Cubic Analytics, notes that while other major cryptocurrencies are mostly lagging behind SOL and BTC, the outlook for the broader altcoin market is bullish, resetting the frothy sentiment of late last year. Franzen looks at the total market cap of cryptocurrencies excluding BTC and ETH (TOTAL.3). This indicator on TradingView acts as a proxy for altcoins. The analyst says this indicator is retesting an important accumulation zone. He also notes that it is now showing signs of rebounding from oversold levels. In this regard, the analyst shares the following assessment:
TOTAL.3 broke above the accumulation zone, retested and is now showing signs of recovery. This looks like bullish price action… because it is! The 30-day Williams%R Oscillator was (briefly) oversold. It also proved that sentiment in the altcoin universe has reset.
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